Sheikh Tahnoon buys Caring group
Sheikh Tahnoon bin Zayed Al Nahyan’s firm is acquiring a majority stake in Richard Caring’s UK hospitality empire, which includes upscale venues such as Scott’s and 34. (x.com)
An Abu Dhabi-backed investment platform has bought control of Richard Caring’s London hospitality group in a deal valued at about £1.4 billion. (aletihad.ae) The buyer is DIAFA, an affiliate of International Holding Company, the Abu Dhabi conglomerate chaired by Sheikh Tahnoon bin Zayed Al Nahyan. Reports on April 11 and April 13 said the transaction covers a majority stake rather than a full sale. (aletihad.ae) (bloomberg.com) The portfolio includes The Ivy Collection, Annabel’s, Scott’s, Sexy Fish, George and Mark’s Club, according to multiple trade and business reports published April 12 and April 13. Richard Caring, 77, is expected to remain executive chairman after the deal. (propertyweek.com) (thecaterer.com) The sale hands some of Mayfair’s best-known restaurants and private clubs to Gulf capital at a time when Abu Dhabi investors are building bigger positions in global luxury, leisure and food assets. International Holding Company says it has more than 1,300 subsidiaries across sectors including asset management, real estate, food and technology. (agbi.com) (ihcuae.com) It also extends DIAFA’s push to assemble a luxury dining platform. The Caterer reported that DIAFA had already taken a significant stake in Azumi, the operator behind Zuma and Roka, and said its stated ambition was to build the world’s largest food-and-beverage business. (thecaterer.com) For Caring, the deal ends a sale process that had hung over the group since late 2023, according to trade coverage on April 13. Property Week reported that Troia (UK) Restaurants, the restaurant arm in the transaction, posted adjusted earnings of £58 million on turnover of £303 million last year. (thedrinksbusiness.com) (propertyweek.com) The strategy after closing appears to be expansion, not retrenchment. EnterpriseAM, citing the Financial Times, reported that the pipeline includes an Annabel’s opening in New York and wider international growth for Scott’s, Sexy Fish and Noema. (enterpriseam.com) The deal leaves Caring in the chair and gives Sheikh Tahnoon’s orbit the keys to a cluster of London venues that have long doubled as status symbols as much as restaurants. (thetelegraph.co.uk) (bloomberg.com)
