Richard Caring, a seasoned entrepreneur behind some of London's most esteemed dining establishments, is reportedly on the cusp of securing a deal to purchase 1 Lombard Street, a prominent restaurant situated in the heart of the City. This potential acquisition would not only signal Caring's return to the hospitality sector after an estimated £1.4 billion exit from his previous portfolio – which included The Ivy Collection and Sexy Fish – but also pave the way for him to reassert his dominance in the London dining scene.
According to sources close to the negotiations, a deal could be finalised as early as next week, marking the end of almost three decades of ownership by Soren Jessen, a former Merrill Lynch and Goldman Sachs banker. While both Caring and Jessen have declined to comment on the ongoing discussions, industry insiders expect the acquisition to have far-reaching implications for the City's hospitality landscape.
Caring's previous restaurant group, which comprised celebrated venues such as Scott's, J Sheekey, and exclusive nightclubs Annabel's and George, was sold to Sheikh Tahnoon bin Zayed al-Nahyan of Abu Dhabi. The entrepreneur initially made his fortune in fast fashion before venturing into hospitality in 2005, acquiring The Ivy, Le Caprice, and J Sheekey for £31.5 million. He subsequently expanded these into one of the world's most successful restaurant groups, notably transforming The Ivy into a global franchise.
1 Lombard Street, which first opened its doors in 1998, is widely regarded as a pioneering establishment that played a pivotal role in revitalising the City's culinary scene. Prior to its establishment, the Square Mile was not known for its diverse evening dining options. The restaurant encouraged City workers to extend their stay beyond traditional lunch hours, contributing to a more vibrant after-work scene. It was also one of the first establishments in the City to operate seven days a week, with its popular weekend brunches attracting a broader clientele.
The proposed sale of 1 Lombard Street coincides with significant changes in the Square Mile's high-end hospitality sector, including Coq d’Argent's forthcoming relocation from its long-standing No.1 Poultry address. This shift underscores an evolving dynamic within the City's elite dining scene, where establishments are adapting to changing consumer preferences and economic conditions.