The Ivy: Jobs continue to be cut as Richard Caring nears £1bn sale
Jobs have continued to be lost at the group behind restaurant chain The Ivy as billionaire owner Richard Caring edges closer to a £1bn sale.
Troia (UK) Restaurants cut more than 100 roles during its latest financial year as its pre-tax profit also declined despite a rise in revenue, new accounts filed with Companies House show.
The document has revealed The Ivy owner’s headcount fell in the 12 months to 5 January, 2025, from 5,663 to 5,544, while its pre-tax profit reduced from £37.6m to £32.2m.
However, the group’s revenue increased in the year from £314.7m to £327.1m.
The results have been published amid rumours Richard Caring is in advanced talks to sell The Ivy owner in a £1bn deal, with Abu Dhabi royal Sheikh Tahnoon bin Zayed al-Nahyan understood to be interested.
That sale could include a stake in London icons Annabel’s, the George Club and Harry’s Bar as well as the Ivy Collection, which operates more than 40 restaurants in the UK and Ireland.
The Ivy owner marks ‘another impressive year’
A statement signed off by the board said: “Trading surpassed the prior period with additional site openings contributing to growth.
“Although consumer confidence was dented by various conflicts and uncertainty following a new government, the company’s proposition proved compelling value for our customers which contributed to another impressive year.
“Changes in legislation and increases in living wages put pressure on achieving like-for-like labour margins without compromising customer service levels.
“Pleasingly, adjusted EBITDA [Earnings Before Interest, Taxes, Depreciation and Amortisation] improved compared to the prior year.
“These results reflect the group’s ability to deliver consistent top-line growth and strong EBITDA while navigating a dynamic economic environment, including rate rises and inflation.
“The group remains focused on long-term value creation through disciplined and operational excellence.”
Richard Caring forced into embarrassing apology after letter revealed
The results are the second set of annual accounts the business has filed in the space of two months.
At the end of April, Troia (UK) Restaurants published its accounts for 2023, seven months after the Companies House deadline.
By comparison, its accounts for 2024 have been filed three months before the deadline.
As revealed by City PM in April, The Ivy’s owner cut its headcount from 5,962 to 5,663 in the year while its pre-tax profit climbed from £29m to £37.6m.
Its revenue increased from £302.9m to £314.7m over the same period.
In May, City PM also reported that the portion of Richard Caring’s high-end restaurant empire, which includes the likes of Sexy Fish, fell to a pre-tax loss of £5.9m in 2023, having posted a profit of £1.1m in 2022.
The 2023 results for Caprice Holding, which also owns Scott’s and Bacchanalia, were filed eight months after the Companies House deadline.
However Caprice Holding’s revenue increased over the same period from £74.3m to £97m.
Its accounts for 2024 are due to be filed by the end of September.
Last month, Richard Caring was forced into an embarrassing apology after City PM revealed his restaurant group demanded suppliers take a “mandatory” 2.5 per cent pay cut.
The founder endured a wave of criticism after the exclusive story, with the saga branded a PR disaster.