Gulf SWFs named as potential suitors of The Ivy

Petra Figueroa/SOPA Images

• £1bn price tag on restaurant chain
• Sale expected by end of June
• Ex-PM of Qatar currently owns 50%

Gulf sovereign wealth funds are among a host of buyers said to be interested in taking charge of the group behind the UK’s prestigious Ivy restaurant.

A £1 billion ($1.26 billion) sale is expected to be complete by the end of June.

Troia, the company that owns the Ivy and some 50 other restaurants, is 50 percent owned by Sheikh Hamad bin Jassim bin Jaber al-Thani, the former prime minister of Qatar.

The other half of Troia is owned by the British businessman Richard Caring.

A report in The Times said the sheikh was looking for a complete sale, while Caring was hoping to sell half of his stake and retain a 25 percent interest in the company.

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Troia’s holdings include the Ivy Asia, Ivy Brasserie and Ivy Café brands, Granary Square and the Brasserie of Light at Selfridges. The flagship Ivy restaurant, in the heart of London’s theatreland, has been attracting celebrities for around a century.

As many as 10 sovereign wealth funds and family offices are said to have registered interest in the sale, including the Abu Dhabi Investment Authority (ADIA) and Mubadala.

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AGBI has contacted ADIA, Mubadala and The Ivy Collection for comment.

Gabrielle Mather, founder and CEO of the business consultancy Restaurant Secrets, said larger organisations were realising that the food and beverage industry “is very lucrative if played right and with sufficient capex and budgets to sustain a longer ROI period for investors”.

“These funds don’t invest lightly and they usually have expertise on board that can spend the time for due diligence and discern the potential risks involved with a major move like this.”

HSBC has been charged with overseeing the sale.

Troia had earnings of £55 million before interest, taxation, depreciation and amortisation in 2022.