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£450m Ivy owner beats TV chefs to become richest restaurateur
Jonathan Prynn, Consumer Affairs Editor25.04.08
Richard Caring, the tycoon who ploughed much of his rag-trade fortune into leading West End dining rooms and clubs including The Ivy, has been named London's wealthiest restaurateur.
His wealth is valued at £450 million, making him the equal 184th richest person in Britain, according to the Sunday Times Rich List 2008 to be published this weekend.
This puts him streets ahead of betterknown industry figures such as Sir Terence Conran and new pretenders including Gordon Ramsay.
Caring, 59, made his money from supplying high street fashion chains with clothes made in the Far East. Despite having no experience in restaurants, he then built up a collection of some of the most famous dining rooms in Britain.
In 2005, he paid £31.5 million for Signature Restaurants, which owned The Ivy, J Sheekey and Le Caprice. The group also operates the relaunched Scott's, as well as Daphne's, Bam-Bou and the Rivington Grill. He went on to buy Annabel's nightclub, along with Harry's Bar and Mark's Club when he bought the Birley Group for £102million last June. In January, he completed a £105 million deal to take a majority holding in the Soho House collection of members' clubs.
Second on the rich list is Mayfair restaurant baron Marlon Abela, who owns Japanese restaurant Umu, and Greenhouse, both with Michelin stars, and private members' club Morton's.
Abela, 32, who also has restaurants in New York and Connecticut, wants to build a chain of 30 restaurants in London and America. The Lebanese-born restaurateur's wealth is estimated at £400 million, putting him at equal 214th overall.
The third richest London restaurateur is Sir Terence, whose first restaurant, the Soup Kitchen, opened in 1953. He was also responsible for the Neal's Yard restaurant and the revival of Quaglino's. His wealth is estimated at £76million, putting him at 1,043rd on the overall list.
The highest-ranked restaurateur who has made his money entirely from food is Ramsay. The 41-year-old chef has broken through the £50 million barrier to rank at 1,446th on the list.
Jamie Oliver, 32, has made an estimated £40 million from his TV appearances, books and Fifteen chain of restaurants, putting him at 1,794th.
