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Yahoo
16-05-2025
- Business
- Yahoo
Richard Caring in advanced talks to sell part of UK hospitality empire
Businessman Richard Caring is in advanced discussions to sell a substantial part of his hospitality business in the UK to the International Holding Company (IHC), overseen by its chairman Sheikh Tahnoon bin Zayed al-Nahyan, as reported by the Financial Times. The sale encompasses the Ivy restaurants chain and Annabel's, an exclusive London private members club. The potential deal, which has been under consideration for some time and has recently gained momentum, could exceed £1bn ($1.32bn). The negotiations, which could lead to a partial exit for Caring, are primarily focused on selling a stake in Troia, the entity behind the Ivy Collection, which operates 40 restaurants across the UK and Ireland. The deal could provide Caring with funding to expand his hospitality brands into new markets. However, the deal's specifics are still being finalised, with discussions around the price and assets involved still variable. The scope of the potential transaction has broadened and may now include Caring's other assets, such as his Mayfair private members' clubs George and Harry's Bar —held under Mark Birley Holdings, which is co-owned by Qatar's former prime minister Sheikh Hamad bin Jassim bin Jaber al-Thani. Caring's portfolio also includes casual dining chain Bill's and Caprice Holdings, which owns upscale dining establishments Bacchanalia, Sexy Fish and Scott's. Despite ongoing talks, sources emphasise that there is no certainty that a deal will be reached between IHC and Caring. Caring manages his business through a network of investment vehicles owned by Jersey and British Virgin Islands-based holding companies. Corporate filings indicate that Troia, Caprice and Mark Birley Holdings have collectively guaranteed bank loans. The conglomerate IHC already has a diverse portfolio in the hospitality sector. Its listed subsidiary Alpha Dhabi Holdings holds a controlling interest in the National Corporation for Tourism and Hotels, which owns luxury hotels in Abu Dhabi, the Maldives and the Seychelles. Additionally, via a joint venture with Monterock International, Alpha Dhabi has stakes in hospitality brands such as the Greek luxury resorts chain Nammos. In September 2024, Caring was known to be in talks to sell the Ivy Collection restaurant group to a London-based investment company, Si Advisors. "Richard Caring in advanced talks to sell part of UK hospitality empire" was originally created and published by Verdict Food Service, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Business Times
29-04-2025
- Business
- Business Times
Evergrande chair refuses to disclose assets, liquidators say
[HONG KONG] China Evergrande Group chairman Hui Ka Yan plans to refuse disclosing details of his assets, its liquidators said, likely complicating efforts to wind up the defaulted builder to pay back creditors. Hui expressed his intention in an Apr 23 response to the court, a lawyer representing the liquidators said in a Tuesday (Apr 29) hearing at the Hong Kong High Court. Hui's lawyer, who was at the hearing, did not push back on the liquidator's statement. While the liquidators argued for the earliest date possible for the hearing to resume, Hui's lawyer asked the court for more time given that the case is 'complex' and 'sensitive'. The judge said the hearing on Hui's case will not be held before Jun 30. Tuesday's hearing is part of a legal battle waged by the liquidators to outline and potentially claw back scraps from one of the world's biggest corporate implosions. Clarity on Evergrande's assets tied to Hui is crucial for liquidation as the filings show he controls nearly 60 per cent of the total stake. Hui's lawyer did not immediately respond to a request for comment. An emblem of China's years-long property crisis, Evergrande defaulted in 2021, resulting in a creditor petition to liquidate the company. When the court sided with creditors in early 2024, it appointed Edward Middleton and Tiffany Wong of Alvarez & Marsal as the liquidators who will also be in charge of running its operations. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Evergrande and the liquidators have since taken steps to recoup some of what creditors are owed, including filing lawsuits against Hui, his wife Ding Yumei, former chief executive officer Xia Haijun, former chief financial officer Pan Darong, and three other entities including Xin Xin (BVI). The lawsuits seek to recover US$6 billion in dividends and remuneration paid by the company on the basis that financial statements were allegedly misstated for several years going back to 2017, according to an exchange filing. Hui controls his stake largely through Xin Xin, a British Virgin Islands-based corporate entity, according to the company's latest annual report filed to the Hong Kong stock exchange. In 2023, Chinese authorities notified Evergrande that Hui has been subject to 'mandatory measures' due to 'suspicion of illegal crimes'. BLOOMBERG
