Richard Caring sells hospitality empire for £1.4bn
Hospitality mogul Richard Caring has sold a majority stake of his bar and restaurant empire to Diafa, an entity controlled by the deputy ruler of Abu Dhabi, for a reported £1.4 billion (US$1.88bn).
Caring’s hospitality empire includes The Ivy Collection, which spans more than 40 brasseries across the UK; the Caprice Holdings portfolio, which includes venues such as Scott’s, Sexy Fish and J Sheekey; and The Birley Clubs, whose properties include private members’ clubs Annabel’s, George, Harry’s Bar and Mark’s Club.
The buyer, Diafa, operates as an affiliate of International Holding Company (IHC), Abu Dhabi’s largest listed company, which is chaired by Sheikh Tahnoon bin Zayed al-Nahyan, the deputy ruler of Abu Dhabi and younger brother of the UAE president, Sheikh Mohamed bin Zayed al-Nahyan.
Last year Diafa secured a significant stake in Azumi, which operates the Zuma and Roka brands worldwide. At the time it said its ambition was to become the world’s largest food and beverage business.
Under the sale, Caring will remain as executive chairman, while the new owners are expected to push ahead with international expansion plans, including taking the Ivy concept to the US and opening Annabel’s in New York in late 2027.
Caring said in a statement that he was confident that the new company would “bring our world-class brands to new markets and continue to elevate our vision for hospitality.
“Diafa’s commitment to investing in exceptional luxury brands makes them the right partner, and I look forward to building something truly enduring together.”
In addition, The Financial Times reported that in a separate message on Sunday to members of the Birley group of private members’ clubs, he said the deal “provides us with the support to build on what has been created, to invest further in the clubs, and to look ahead with confidence,” adding that it “allows us to take a considered approach to international growth, in a small number of carefully selected locations.”
Meanwhile, Diafa has appointed Ravi Thakran as group chief executive.
Thakran brings extensive experience from his time with LVMH, where he served as group chairman for Asia.
On the deal, Thakran 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.”
Last year, Caprice Holding’s accounts showed a pre-tax loss of £5.9 million (US$7.9m) in 2023, a downturn from the £1.1m (US$1.5m) profit seen in 2022.
Last summer, it was reported that Caring’s restaurant group cut more than 100 roles in the 12 months leading to 5 January 2025, despite a rise in revenue, according to accounts filed with Companies House.
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