Its fish and chips and shepherd pie have filled theatregoers’ bellies for over a century with well-heeled Londoners and celebrities queuing up to get a taste of the restaurant’s classic British menu.
But now the Ivy – which has expanded from its original West End location to branches across the British Isles – is evolving once again as owner Richard Caring, once dubbed the ‘King of Mayfair’, sells his empire to an Abu Dhabi sheikh in a £1.4billion deal.
The businessman’s majority stake has been snapped up by Diafa, an affiliate of huge holding company IHC Group.
The group is owned by Sheikh Tahnoon bin Zayed al-Nahyan, the deputy ruler of Abu Dhabi and the UAE’s national security advisor.
Diafa will inject a £1bn investment into the hospitality empire – which also boasts London private members’ club Annabel’s – as part of the major deal.
The Ivy has long been a hotspot for the capital’s elite and even welcomed stars of the stage including Laurence Olivier and Vivien Leigh in its mid-century heyday.
Under Mr Caring’s ownership, it now boasts 16 locations across the city as well as restaurants in Wales, Scotland and Ireland.
Diafa and IHC are believed to be keen on expanding the newly popular Ivy Brasserie concept to the US.
The Ivy has long been a hotspot for the capital’s elite and even welcomed stars of the stage including Laurence Olivier and Vivien Leigh in its mid-century heyday
Its owner Richard Caring, once dubbed the ‘King of Mayfair’, pictured in 2018, is selling his empire in a £1.4billion deal
Former owner Mr Caring, 77, will remain as executive chairman of the group, the Financial Times reports.
In the wake of the deal, the businessman said: ‘I am delighted to partner with the visionary Diafa team, and I am confident thatwe will bring our world-class brands to new markets and continue to elevate our vision for hospitality to exciting new heights.
‘Diafa’s commitment to investing in exceptional luxury brands makes them the right partner, and I look forward to building something truly enduring together.’
As for the buyer, Diafa will be helmed by the former chair of LVMH’s Asia business Ravi Thakran.
He said: ‘This transaction marks the beginning of a new chapter in global luxury hospitality.
‘We are curating a portfolio of the world’s most iconic and culturally defining brands, with the ambition to shape how the next generation experiences dining, social connection, and lifestyle. Together with Richard Caring, we are building a platform of enduring value and global influence.’
Mr Caring is getting rid of his entire hospitality empire in the blockbuster deal, which also includes Harry’s Bar, Scott’s George and Mark’s Club.
It represents a rare boost to the sector in Britain amid soaring taxes, regulations and labour costs.
The £1.4bn valuation of the collection of restaurants and clubs dwarfs last year’s earnings, with Troia (UK) Restaurants – representing the restaurant portion of the businesses sold – posting adjusted earnings of £58million on £303m turnover last year.
Mr Caring and the Ivy Collection have been contacted for comment. The Daily Mail has also approached IHC for comment.
It was first reported that billionaire Mr Caring was planning to sell off a sizeable stake in his empire in 2023.
He has also been a shareholder in the company which owns the Soho House chain of private members’ clubs. The businessman is widely regarded as the most successful investor in upmarket hospitality assets of his generation.
A flamboyant figure, Mr Caring paid £150,000 in 2019 to dine with Boris Johnson at his own venue, Mark’s Club.
He made the donation to the Conservatives during their fundraiser at the Hurlingham Club in Fulham, south-west London, where he sat next to then-prime minister Theresa May.
Mr Caring’s rags-to-riches career started in clothing, before buying the Caprice Holdings group for £31.5m in 2005 to start his restaurant business.
In 2020, Mr Caring pledged to feed thousands of NHS workers and the critically vulnerable by opening up the kitchens of his restaurants.
Together with his wife Patricia and The Caring Foundation, he said he wanted to help feed those in need during this ‘tunnel of darkness’.
Some 5,000 meals a week were made in Annabel’s four kitchens and distributed to staff at London hospitals including the Chelsea & Westminster, West Middlesex University Hospital, St Thomas’ and St Mary’s.
The mogul’s stake has been bought by Diafa, whose holding group is fronted by UAE’s national security advisor Sheikh Tahnoon bin Zayed Al Nahyan, pictured with Donald Trump in 2025
Mr Caring pictured with (L-R) Goldie Hawn, Lady Shakira Caine and Sir Michael Caine at Annabel’s, which is also part of the deal, in 2016
Victoria and David Beckham pictured coming out of The Ivy in March 2001
He also partnered with The Felix Project – London’s biggest food redistribution charity – to help feed 20,000 isolated elderly people, families with no income and NHS workers.
The IHC affiliate’s sprawling hospitality portfolio already includes the Azumi Group’s high-end restaurants Zuma and Roka, as well as Los-Angeles based hospitality company h.wood Group.
Sheikh Tahnoon is the brother of President Sheikh Mohamed bin Zayed and is also the UAE’s national security advisor.
IHC is the most valuable company on Abu Dhabi’s stock exchange and now includes around 1,500 subsidiaries – from property development to chicken farms – after years of rapid growth.
