Caprice Holdings, the group that owns restaurant chain The Ivy (and which also operates several other luxury establishments), made 300 job redundancies, as billionaire owner Richard Caring continues to consider a sale that may be worth £1 billion, according to recently published financial statements.
According to reports, the company has submitted its 2023 financial accounts, seven months past the Companies House deadline for doing so, which show staff cutbacks from 5,962 to 5,663 employees, in addition to a pre-tax profit rise from £29 million to £37.6 million, as reported by .
The submitted financial statements indicated revenue growth from £302.9 million to £314.7 million for the period in question. The company is expected to submit additional data on its 2024 financial performance by the end of September 2024.
These financial figures represent the company's first financial update following published reports that Richard Caring and fellow investors were considering the option of selling The Ivy group of restaurants; further details on this proposed sale originally surfaced at the end of 2023 and in September 2024, since which time no statements have been released by the company or investors.
It is thought that a delay has occurred in the finalisation of this deal, in part as potential buyer SI Advisers intended to source co-investor funding to help facilitate the takeover.
Shareholder stakes in The Ivy company include a possible 50% interest for Richard Caring and also include investors such as the former Qatari Prime Minister, Sheikh Hamad bin Jassim bin Jaber al-Thani.
The Ivy battles rising costs
Commenting upon the pressures of the difficult recent trading environment, a formal company statement said: "Trading surpassed the prior period with no additional site openings."
The Ivy stated: "Whilst inflationary pressures reduced consumer confidence on contrast to the bounce-back highs of the prior post-pandemic period, the group's position 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."
Furthermore, it said: "Despite improvements in labour scheduling, increases in legislative living wages as well as new site training have increased labour percentage as customer service levels are maintained."
