Richard Caring is reportedly closing in on the £1 billion sale of his collection of Ivy restaurants.
According to Sky News, the billionaire businessman is nearing a deal with London-based Si Advisers to offload most of his stake in the celebrity-favourite restaurant brand.
This is expected to see The Ivy business valued at around £1 billion, with other shareholders set to sell their stakes as part of the deal.
Having been founded near Leicester Square in 1917, The Ivy Collection now spans dozens of affluent areas across Britain, with Caring buoying numbers since taking over in 2005.
The deal is not set to include Caring’s other restaurants, such as London's Scott's, Sexy Fish and J Sheekey, reports said.
Most recent results showed Caring’s restaurants, including The Ivy, had generated record revenue of £303 million and £54.8 million in adjusted pre-tax earnings over the year to January 2023.