The Ivy owner sheds jobs as potential £1bn sale drags on
The group behind restaurant chain The Ivy shed 300 jobs as billionaire owner Richard Caring continues to weigh a £1bn sale, it has been revealed.
The business has only just published its financial accounts for 2023, seven months after the Companies House deadline.
The results show The Ivy’s owner cut its headcount from 5,962 to 5,663 in the year while its pre-tax profit climbed from £29m to £37.6m.
They also reveal that its revenue increased from £302.9m to £314.7m over the same period.
The group behind The Ivy’s accounts for 2024 are due to be filed with Companies House by the end of September.
The figures form the first financial update since reports emerged that billionaire backer Richard Caring and fellow shareholders were considering selling The Ivy chain of restaurants.
The potential deal was first reported at the end of 2023 and again in September 2024 but since then there has been no update from the company or its backers.
The deal is thought to have been delayed as the proposed buyer, private equity firm SI Advisers, sought to bring in a co-investor to help fund the bid.
Caring owns up to a 50 per cent stake in the business behind The Ivy chain while other shareholders include the former Qatari prime minister Sheikh Hamad bin Jassim bin-Jaber al-Thani.
The Ivy battles rising costs
A statement signed off by the board said: “Trading surpassed the prior period with no additional site openings.
“Whilst inflationary pressures reduced consumer confidence on contrast to the bounce-back highs of the prior post-pandemic period, the group’s position proved compelling value for our customers which contributed to another impressive year.
“This is notable considering the cost headwinds faced in the first half of the year from energy prices and knock on costs from the supply chain and interest rate hikes.”
The Ivy added: “Despite improvements in labour scheduling, increases in legislative living wages as well as new site training have increased labour percentage as customer service levels are maintained.”