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Caprice restaurants double their profits
Ellen Widdup05.01.09
RICHARD Caring's portfolio of restaurants, which includes some of London's favourites, has defied the credit crunch by more than doubling its profits.
Caprice Holdings, which runs The Ivy, JSheekey and Le Caprice in the West End, Daphne's in South Kensington and Scott's in Mayfair, made a pre-tax profit of £6.1million in the 12 months to the end of June last year, up from £2.8million in the first half of 2007. Revenues rose 31.5 per cent to £34.2million.
The firm is owned by rag trade tycoon Mr Caring, pictured left with wife Jackie, and is run by chief executive Des McDonald. He admitted that trading had been hit by the financial crisis. November proved "challenging" but he said the firm had enjoyed a "great" Christmas and New Year.
He added that the company would continue with its expansion programme abroad, with scheduled openings for The Ivy at the Tiger Woods golf course in Dubai and for Le Caprice at the New York-based Pierre Hotel in May.
Revenues at Caprice Holdings were driven by the first full year's trading at Scott's since its refurbishment.
It took two years and millions of pounds to transform the 156-year-old seafood restaurant, where customers can tuck into such dishes as fish and chips, cod tongues, and pan-fried skate wing in burnt butter.
It has also been boosted by the ongoing popularity of The Ivy in Covent Garden, which has been fully booked in recent months despite financial uncertainty.
Bob Cotton of the British Hospitality and Restaurant Association said restaurants at either end of the spectrum were weathering the downturn but it was middle-market venues which were suffering. "This means the likes of Le Caprice are strong, as are Burger King and Travel Inn. It is everything in between which feel the effects."
