A large part of Mayfair's dining and members' club scene has a new majority owner. City AM reports that Richard Caring has sold a majority stake in the business behind Annabel's, The Ivy and a string of London's most exclusive restaurants to an Abu Dhabi-backed investor, in a deal valuing the group at around £1.4bn.
Who is buying
The buyer is Diafa, a luxury hospitality platform linked to International Holding Company (IHC), which is chaired by Sheikh Tahnoon bin Zayed al-Nahyan. City AM describes the purchase as part of Gulf capital's continued interest in high-end UK assets.
What is included
The portfolio covers some of Britain's best-known hospitality brands. Those named by City AM are:
Several of these are private members' clubs or well-known names in and around Mayfair.
What happens next
Caring will stay on as executive chairman. City AM says the new owners are expected to press ahead with international expansion, including taking The Ivy concept to the US and opening Annabel's in New York.
The deal ends a sale process that began in 2023 and faced multiple delays, with doubts growing over whether a transaction would complete.
The numbers
Troia Restaurants, which houses much of the business, reported earnings of £58m on £303m in revenue last year. City AM reads the valuation as investors betting on long-term brand value and global growth rather than near-term trading.
That contrasts with the wider UK hospitality sector, where firms have been dealing with rising labour costs, higher taxes and volatile energy prices, which are squeezing margins while demand stays uneven. City AM adds that political pressure has been building for further tax relief, with industry figures warning that current cost burdens risk undermining growth.
Annabel's recently reported a sharp rise in profits, but also flagged rising wage costs and increased borrowing.
A wider pattern
Through Diafa, IHC already has exposure to restaurant groups including Zuma and Roka. City AM says adding Caring's portfolio strengthens its position in the top tier of global dining. It also points to a broader shift in ownership of UK assets, with overseas investors, particularly from the Gulf, playing a more prominent role in backing British hospitality, real estate and leisure businesses.
Photo: Ham, CC BY-SA 3.0, via Wikimedia Commons.
