Richard Caring’s restaurant empire eked out a rise in sales in 2017, but profits at the Ivy owner were dragged back by soaring business rates.
Filings for Caring’s Caprice Holdings, which also includes upmarket haunts Daphne’s and Sexy Fish, show that turnover nudged up 0.8 per cent to £67.7 million in the year to 31 December 2017.
Like-for-like sales were up 2.1 per cent, driven by strong performances at Daphne’s, J Sheekey and The Ivy, which was boosted by its 100th anniversary year. During 2017, the group opened The Ivy on the Square in Edinburgh as part of its The Ivy Collection.
Pre-tax profit was up from £8.7m to £9.2m, but adjusted earnings – a more closely watched benchmark – fell from £12.4m to £11.1m. Operating profit fell from £8.7m to £7.2m. The group said it was stung by “well publicised cost increases in a number of key areas for the hospitality industry”, including wage costs and “significant increases in both rent and business rates”.