Richard Caring’s Ivy Collection of brasseries and cafes inspired by the legendary Theatreland restaurant has defied the slowdown in the hospitality sector with record sales and profits.
Latest accounts from parent company Troia (UK) Restaurants for the year to end 2023 show revenues rose 3.5% to £314.7 million while pre-tax profits jumped by 30% to £37.7 million.
The company owned and operated 50 sites across the UK and Ireland during the period under the Ivy and Ivy Asia brands, including the 128 year old art deco original on West Street near Covent Garden.
Two non-Ivy restaurants are also included in the portfolio, Granary Brasserie in Kings Cross, and Brasserie of Light at Selfridges on Oxford Street.
Caring bought the Ivy, along with other well known London restaurants such as J Sheeky and Le Caprice for around £20 million, in 2005.
The clubs and restaurants entrepreneur has rolled out the brand to dozens of locations starting with the Ivy Market Grill in Covent Garden in 2014.
Caring has been reportedly been in talks with London based investors Si Advisers about a £1 billion sale since last September but no deal yet has been agreed.
The strong latest set of accounts filed this week at Companies House will underline the strength of an “affordable luxury” brand that has prospered through the cost of living crisis.
In their commentary on the results directors said “trading surpassed the prior year with no additional site openings.
“Whilst inflationary pressure reduced consumer confidence in contrast with the highs of the prior post-pandemic period, the group’s proposition proved compelling value for our customers, which contributed to another impressive year.
“This is notable considering the cost headwinds faced in the first half of the year from energy prices and knock on costs from the supply chain and interest rate hikes.”
The headcount fell from 5,962 employees to 5,663 but overall staff costs rose from £130 million to £137 million reflecting the impact of the increase in the National Minimum Wage.
Although Caring is named as the controlling shareholder he owns the restaurant group jointly with former Qatari Prime Minister Sheikh Hamad Bin-Jassim Bin-Jaber Al Thani.
