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Richard Caring sells Ivy Collection, Annabel’s, Scott’s and wider portfolio for £1.4b
The Ivy Collection, Annabel’s and Scott’s have been sold in a £1.4b deal to Diafa, an Abu Dhabi-based hospitality investor whose interests include Zuma and Roka.
The sale brings together a group of some of London’s best-known restaurants and private members’ clubs under new ownership, as Diafa continues to build its global F&B portfolio.
Richard Caring, the businessman behind the group, will remain executive chairman. As reported by the Financial Times, the 77-year-old built his hospitality empire over several decades after starting out in the fashion trade, assembling a portfolio that spans restaurants, bars and private members’ clubs.
According to reports in The Times, the group will now seek to expand the Ivy Collection into the US.
As reported by the Financial Times, the deal involves the sale of a majority stake in Caring’s UK hospitality empire to an entity controlled by Sheikh Tahnoon bin Zayed al-Nahyan, with an investment of more than £1bn from Diafa, an affiliate of his holding company IHC.
Caring will remain as executive chair and lead the next phase of international expansion alongside Diafa, which will be helmed by Ravi Thakran, former chairman of LVMH Asia and founder of L Capital Asia. Caring said in a statement that he was confident the new company would “bring our world-class brands to new markets and continue to elevate our vision for hospitality.”
In a separate message to members of the Birley group of private members’ clubs, which includes Annabel’s, 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”. He added it would “allow us to take a considered approach to international growth, in a small number of carefully selected locations”, including the opening of Annabel’s in New York in late 2027.
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 F&B business.
Diafa is an affiliate of IHC, 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. As reported by the Financial Times, IHC has expanded rapidly in recent years, with around 1,500 subsidiaries spanning sectors including energy, healthcare, property and agriculture.
It has been reported that Ravi Thakran will be named the combined group’s new chief executive.
The global F&B chief executive of the group is Ashley Saxton, the former director of restaurants at Harrods.
Rumours of a sale have been circulating since 2024, when a deal looked likely for the Ivy Collection. This sale to Diafa is a wider agreement, including Annabel’s and Scott’s as well as the Sexy Fish and Harry’s Bar restaurants.
Caring’s portfolio includes Troia, which owns the Ivy Collection, as well as Caprice Holdings and the casual dining chain Bill’s.
Collectively they make up Troia Restaurants, which last year posted earnings of £58m on £303m of turnover.
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