The Richard Caring restaurant empire, which includes the Ivy Collection, Ivy Asia, and Bills, has demanded an immediate 2.5 per cent “discount” on suppliers’ invoices citing increased costs. t
In a letter dated 3rd June, signed by Richard Caring’s head of indirect and beverage procurement Jeremy Evans, the company said: “This mandatory discount is being applied in response to the current increased cost of trading. We are asking all of our supplier partners to work with us as we support each other through this difficult period. The discount will be applied from the next available pay run and will remain in place until further notice.”
The move comes amid rumours Richard Caring is in advanced talks to sell a £1b stake in Troia, the company behind the Ivy Collection, with Abu Dhabi royal Sheikh Tahnoon bin Zayed al-Nahyan understood to be interested, according to the Financial Times.
That sale could include a stake in London icons Annabel’s, the George Club and Harry’s Bar as well as the Ivy Collection, which operates more than 40 restaurants in the UK and Ireland.
Its financial accounts for 2023 showed Caprice Holdings shed 300 jobs and ita pre-tax profit rose from £29m to £37.6m and revenue increased from £302.9m to £314.7m.
The aggressive move to improve margins is thought to help boost an eventual sale price.
Author: George Shaw
Former BBC journalist and founder and CEO of an award-winning London advertising and PR company for 20 years, providing restaurant consultancy services. Spent a decade as the director of communications of the Asian Catering Federation in the UK and lead judge for its various restaurant and chef awards programmes. Now returned to journalism, specialising in food and travel and currently the Editor-in-Chief for Taste London, Taste Asia, the Good Curry Guide and CEO of International Culinary Guides.