Billionaire restaurateur Richard Caring is on the cusp of securing a deal to sell his majority stake in The Ivy restaurant chain after more than two decades at the helm.
The reported buyer, the little-known investment firm SI Advisers, is likely to pay in the region of £1bn for the group, which also includes The Ivy Club and Ivy Asia brands.
Sky News reported Friday that the transaction could be formally agreed “within weeks”.
Caring, often referred to as “The King of Mayfair” for his ownership of some of London’s most elite restaurants and private members’ clubs, put his stake in The Ivy group up for sale in December.
Other shareholders, including the former Qatari Prime Minister Sheikh Hamad Bin-Jassim Bin-Jaber Al Thani, are also expected to sell.
The deal won’t affect Caring’s ownership of his other restaurants, including Scott’s, Sexy Fish, and J Sheekey.
Previous bidders for The Ivy chain have included the Abu Dhabi Investment Authority, where Manchester City owner Sheikh Mansour is a director, which made an unsuccessful £700m offer earlier this year.
Last year, Caring surprised industry insiders when he revealed he had enlisted HSBC to evaluate the sale of Troia.
With annual revenue of £55m, many viewed the restaurateur’s £1bn valuation as ambitious.
However, sources close to the deal argue that the Ivy brand’s appeal and the potential for expanding by an additional 30 UK restaurants, alongside international growth, make it a compelling proposition.
Caring took over the company behind The Ivy back in 2005 and has since spearheaded a UK-wide expansion of the chain. The brand now has branches in Birmingham, Leeds, Manchester, Bristol, Norwich and York, plus locations across Asia.
Five years ago the Billionaire sold a 25 per cent stake in the company to Hamad Bin-Jassim Bin-Jaber Al Thani for a reported £200m.