The group behind the restaurant chain The Ivy, owned by billionaire Richard Caring, continues to shed jobs as it nears a £1bn sale.
Troia (UK) Restaurants eliminated over 100 positions during its most recent financial year, with pre-tax profits also falling despite an increase in revenue, according to newly filed accounts at Companies House, as reported by City AM.
The records reveal that the headcount at The Ivy’s owner dropped from 5,663 to 5,544 in the 12 months leading up to 5 January, 2025, while pre-tax profit decreased from £37.6m to £32.2m.
However, the group’s revenue rose from £314.7m to £327.1m over the year.
These results come amidst speculation that Richard Caring is in advanced negotiations to sell The Ivy’s owner in a £1bn deal, with Abu Dhabi Royal Sheikh Tahnoon bin Zayed al-Nahyan reportedly showing interest.
This sale could potentially include stakes in London landmarks such as Annabel’s, the George Club and Harry’s Bar, as well as the Ivy Collection, which operates more than 40 restaurants across the UK and Ireland.
The Ivy owner marks ‘another impressive year’
In a statement approved by the board, it was noted: “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 company has presented its second set of annual accounts within two months.
Troia (UK) Restaurants released its 2023 accounts at the end of April, which was seven months past the Companies House deadline.
In contrast, the 2024 accounts were submitted three months ahead of the deadline.
As City AM reported in April, The Ivy’s proprietor reduced its workforce from 5,962 to 5,663 over the year, while its pre-tax profit rose from £29m to £37.6m.
During the same timeframe, its revenue saw an increase from £302.9m to £314.7m.
City AM also disclosed in May that part of Richard Caring’s upscale restaurant portfolio, which includes establishments such as Sexy Fish, recorded a pre-tax loss of £5.9m in 2023, after having achieved a profit of £1.1m in 2022.
Caprice Holding, which includes prestigious establishments like Scott’s and Bacchanalia, reported their 2023 figures eight months past the Companies House deadline. Despite the delay, Caprice Holding’s revenue rose from £74.3m to £97m during the period.
The business is expected to file its 2024 accounts by September’s end. Recently, Richard Caring, the group’s founder, issued a regretful apology when City AM disclosed his group coerced suppliers into accepting a “mandatory” 2.5 per cent pay reduction.
Following the exclusive report, Caring faced a barrage of criticism, with commentators labelling the incident a public relations catastrophe.
