Ivy boss buys Soho House in £105m deal

Ivy restaurant tycoon Richard Caring has bought the Soho House members' club chain for £105 million.

The entrepreneur has bought out a series of small shareholders - including TV's Ant and Dec and former BBC chairman Gavyn Davies - to secure an 80 per cent stake in the club.

Its founder, Nick Jones, keeps the other 20 per cent and stays as chief executive.

The chain, three quarters of whose 15,000 members are in the media, now spans both sides of the Atlantic and includes five London venues.

Mr Jones told the Evening Standard: "We weren't looking to do a deal, but it was a generous offer. The shareholders do very well and it was tempting for me. It's a huge investment."

Mr Caring's money, and an injection of £130 million from banking group HBOS, will fund a series of new openings in Hollywood, Miami, Berlin and Chicago with further plans for branches in Tokyo, Shanghai, Cairo and Sydney.

Mr Jones, the husband of BBC broadcaster Kirsty Young, said the move and the expansion plan would not dilute the brand. "People have been saying that to me every time we open a new place. We will expand sensitively," he said.

The original Soho House, in Greek Street, opened in 1995. It was followed by Babington House in Somerset, a "country house" version which has become a celebrity wedding venue, and a New York offshoot in Manhattan. Its American expansion will make it the world's premier chain of members' clubs.

It also secures Mr Caring's position as the biggest player in London's club and restaurant scene. The secretive 59-year-old has been dubbed the Lex Luthor of Mayfair - after the tycoon enemy of Superman - but Mr Jones said this image was far from the truth. "I like him, he's a nice guy. When you have a meeting with him, there aren't hundreds of people sitting there - it is just him," he said.

Mr Caring, who is worth around £300 million, owns Caprice Holdings, whose restaurants include the Ivy, Le Caprice and J Sheekey, along with Scott's, Daphne's, Bam-Bou and two Rivington Grills. He also owns Signature Restaurants along with 25 Strada pizza restaurants and is also owner and chairman of Wentworth golf course.