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Richard Caring, known as the “King of Mayfair,” is currently in advanced negotiations to sell a significant portion of his UK hospitality empire to an entity in the United Arab Emirates controlled by Sheikh Tahnoon bin Zayed al-Nahyan, a powerful member of the Abu Dhabi royal family. This potential deal, which has been in the works for some time and has recently gained momentum, could be valued at over £1bn, according to sources familiar with the matter.
If the deal goes through, it would represent a partial exit for Caring, a 76-year-old entrepreneur who has built a portfolio of iconic lifestyle properties in London and the UK over the years. The transaction would also provide Caring with the necessary funding to expand his hospitality brands, such as the renowned Ivy restaurants, into new markets.
While the specifics of the deal are still being ironed out, it is centered around Caring’s efforts to sell a stake in Troia, the company that owns the Ivy Collection, a group of more than 40 restaurants in the UK and Ireland. However, discussions have also included the possibility of including Caring’s other assets, such as his exclusive private members’ clubs in Mayfair, including Annabel’s, George, and Harry’s Bar, which are held under an entity called Mark Birley Holdings co-owned by Qatari royal Sheikh Hamad bin Jassim bin Jaber al-Thani.
In addition to Troia and Mark Birley Holdings, Caring’s holdings include Bill’s casual dining chain and Caprice Holdings, which owns upscale restaurants like Sexy Fish, Scott’s, and Bacchanalia. Despite the progress in negotiations, there is no guarantee that a deal will be reached between IHC and Caring, as discussions continue to evolve in terms of price and assets.
Caring oversees his empire through a complex network of investment vehicles, ultimately held by offshore companies in Jersey and the British Virgin Islands. His companies have also collectively guaranteed bank loans, indicating a significant level of financial interdependence.
On the other hand, IHC, the largest company on Abu Dhabi’s stock exchange, is controlled by Sheikh Tahnoon, a prominent figure in the UAE and the national security adviser, as well as the brother of President Sheikh Mohamed bin Zayed. IHC has existing investments in the hospitality sector through its subsidiary Alpha Dhabi Holdings, which holds interests in luxury hotels in Abu Dhabi, the Maldives, and Seychelles, among others.
In response to inquiries about the potential deal, IHC stated that it regularly explores opportunities across various sectors and will disclose any significant developments once a transaction is confirmed. Caring declined to comment on the matter.
