Fine dining tycoon Richard Caring is being tipped to further shake up the West End restaurant scene after it was revealed he could raise £260m from the imminent sale of two landmark assets he owns.
The 65-year-old, whose Caprice Holdings group owns prestigious venues such as Scott’s, The Ivy and Annabel’s, is said to have made £100m from the sale of Camden Stables Market this week. It is understood to have been sold to an unnamed Middle East investor for £400m and Caring owns a 25% stake, which he originally picked up for £40m in 2004.
It was also reported today that he on the verge of selling Wentworth golf club for around £160m.
According to the London Evening Standard, Caring is likely to re-invest much of the proceeds into the capital’s burgeoning dining and clubs sectors.
It said the news would send “shockwaves” through London’s already highly competitive restaurant scene, where prime sites are bid up to record levels when they come on the market.
Sources told the paper that the offer for Camden Stables Market was too good for Caring to turn down and he now wants to concentrate on his portfolio of restaurants and clubs.
Caring reportedly once said of his restaurant empire: “In the restaurant business, there are single brands, but not a group of brands – which is what we do. There is only one Ivy, one Annabel’s — there is nothing like them. A group of top-notch brands like them — that is what we’re trying to achieve. There is a grand plan and it starts with building strength in London.”
Last week, law firm Trowers & Hamlins revealed it was acting for Caring on the acquisition of 4-6 Berkeley Square, which is to be converted into a new restaurant.
Caprice Holdings plans to establish the new, yet-to-be-named restaurant in the 10,000 sq ft ground floor and basement space in Mayfair.
Trowers & Hamlins previously acted for Caring on the site acquisition and establishment of Balthazar, which opened to rave reviews in London’s Covent Garden last year.