HSF Kramer, NRF act as ‘King of Mayfair’ sells Ivy empire in £1.4bn deal
Hospitality magnate Richard Caring has sold a £1.4 billion majority stake in his business to an investment group controlled by the deputy ruler of the UAE.
The club and restaurant empire includes The Ivy chain and high-end venues such as Scott’s, Annabel’s and Sexy Fish.
HSF Kramer and Norton Rose Fulbright have taken lead roles on the £1.4 billion sale of Richard Caring’s glittery London hospitality empire to an Abu Dhabi investment house controlled by the UAE’s deputy leader.
The deal sees the hospitality mogul - dubbed the “King of Mayfair” - sell a majority stake in a portfolio that includes several iconic Mayfair dining and nightlife spots, such as Annabel’s, Scott’s, Sexy Fish, and The Ivy brasserie chain.
The buyer is an entity controlled by investment firm Diafa, an affiliate of International Holding Company (IHC). IHC is an Abu Dhabi-based holding company chaired by Sheikh Tahnoon bin Zayed al-Nahyan, the younger brother of the Emirati president.
It is also one of the most valuable companies on the Abu Dhabi stock exchange, counting Zuma and Roka, luxury restaurants with locations in London, the Emirates and beyond, as part of its portfolio.
Caring is expected to stay on as executive chairman following the sale, something he had reportedly been angling for since late 2023.
Advising
HSF Kramer acted as lead advisor to Caring, drafting a team led by London corporate partner Alex Kay and assisted by tax partner William Arrenberg.
This isn’t the first time the transatlantic firm has advised the Mayfair mogul on a major deal - it also acted for Caring on the take-private of Soho House last year.
Norton Rose Fulbright is advising Diafa with a team led by partners Zubair Mir and Shazi Askarpour in Dubai. London partners Sophie O’Connor and Nicolas Sirtoli are also advising.
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