Richard Caring Celebrates High Returns at The Ivy and Bill’s

Richard Caring’s renowned dining establishments, The Ivy and Bill’s, have reported remarkable financial performances, standing out amid the challenges facing the hospitality industry.

Recent financial filings indicate that The Ivy and Bill’s achieved EBITDA of £62 million and £11 million, respectively, for the fiscal year.

Across his entire restaurant portfolio, which includes popular venues like Sexy Fish and Annabel’s, Caring saw an overall turnover increase of 2 percent, amounting to £636 million for the year ending January 2025.

Known as the “King of Mayfair” due to his lavish London restaurant collection, Caring is currently engaged in negotiations to divest a substantial portion of his business to Sheikh Tahnoon bin Zayed al-Nahyan from the Middle East.

Prior to this, Caring initiated an auction for Troia, encompassing The Ivy, The Ivy Collection, and several other mid-market dining brands.

Interest from potential buyers is reported to have expanded to include Caring’s exclusive clubs like George, Harry’s Bar, and Annabel’s. The restaurateur, who will turn 77 on Wednesday, co-owns these establishments with Sheikh Hamad bin Jassim bin Jaber al-Thani, a former Prime Minister of Qatar.

Overall earnings from Caring’s ventures totaled £109 million, though this resulted in a pre-tax loss of £15 million, partially due to an £28 million write-down on property values.

Experts are sounding alarms that over 6,000 restaurants in the UK could face closure this year as rising national insurance contributions and increased minimum wage regulations strain financial viability, as highlighted by Rachel Reeves’ announcement during last autumn’s budget.

Kate Nicholls, head of UKHospitality, stated that the alterations to national insurance contributions are “unquestionably poised to result in business closures and job losses within a year.”

In contrast, Bill’s, a mid-market chain with 47 locations, recorded noteworthy results. Revenues grew by just 1 percent to £96 million, but earnings saw a substantial rise of over 30 percent to £11 million.

Managing Director Tom James remarked that operational efficiencies and a successful Christmas trading period, along with new locations in Milton Keynes and at the Clark’s Village outlet in Somerset, contributed significantly to the chain’s improved bottom line.