Ivy, Annabel’s and Scott’s sold in £1.4 billion deal to UAE-backed DIAFA

Dubai: DIAFA, a luxury hospitality platform backed by International Holding Co., has acquired a majority stake in Richard Caring’s restaurant and private members’ club portfolio for about £1.4 billion, taking control of brands including The Ivy, Annabel’s, Scott’s, Sexy Fish and Harry’s Bar, according to statements and reports from The Sunday Times and Bloomberg.

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The transaction brings together the Ivy Collection, Caprice Holdings’ restaurant portfolio and the Birley Clubs under a single ownership structure, marking one of the largest deals in the UK hospitality sector in recent years.

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What the deal covers

The acquisition spans some of London’s most recognisable dining and membership venues, concentrated in Mayfair and surrounding districts that continue to command global demand.

The Ivy brand, which has expanded into a network of more than 40 sites across the UK and Ireland, forms a significant part of the portfolio alongside destination venues such as Scott’s and Sexy Fish. The private members’ clubs Annabel’s, George, Mark’s Club and Harry’s Bar are also included.

Financial disclosures show the restaurant arm generated adjusted earnings of about £58 million on turnover of £303 million, while the broader group delivered close to £89 million in combined EBITDA. The valuation implies a premium multiple, reflecting the scarcity and positioning of these assets within one of London’s most exclusive districts.

Continuity and global push

Caring will remain executive chairman, continuing to oversee the business while working with DIAFA on the next phase of growth.

“I am delighted to partner with the visionary DIAFA team, and I am confident that we will bring our world-class brands to new markets and continue to elevate our vision for hospitality to exciting new heights,” he said.

The expansion strategy is expected to prioritise the United States and other international markets, with plans already in motion for an Annabel’s opening in New York and further rollout of Ivy-branded venues.

Ravi Thakran has been appointed group chief executive to lead the platform’s global ambitions.

“This transaction marks the beginning of a new chapter in global luxury hospitality,” he said. “We are curating a portfolio of the world’s most iconic and culturally defining brands.”

The scale of the deal stands out in a sector facing cost pressures, with operators contending with higher wages and taxes. Against that backdrop, the £1.4 billion valuation signals continued appetite for assets tied to location and high-spending clientele.

- With inputs from Bloomberg and The Sunday Times.