Documents sent out to potential investors suggest Mr Caring is likely to stay with the business following the sale. A presentation, seen by The Telegraph, states: “Richard Caring is open to retaining a minority stake and also remaining a part of future operations as required.”

Mr Caring did not respond to requests for comment. The Ivy declined to comment.

Across the pond

News that the deal is close to completing comes just weeks after The Telegraph revealed that Mr Caring has been planning to take The Ivy to the US. The restaurant group would follow other well-known British brands in seeking to tap the American market, including Fortnum & Mason. 

Mr Caring bought the original Ivy restaurant in 2005. The site, which opened in 1917 in Covent Garden, is one of the capital’s most famous restaurants, known for its classic dishes and high-end service. 

Mr Caring took the brand and expanded it into a restaurant chain in 2014. Today, there are more than 40 Ivy cafes, brasseries and restaurants across the UK and Ireland. Sales hit £316m in 2023, its latest accounts showed.

The documents to investors suggest there was potential to expand the chain even further to another 25 branches in the UK within the next few years.

A spokesman for Mr Caring told The Telegraph in July: “We are opening new sites in the UK and Northern Ireland and are looking at sites in America for The Ivy in 2025.”