The Ivy Collection, one of the UK’s most recognisable premium casual dining brands, has reported a notable rise in both revenue and profits for the financial year 2023—despite the continued strain of inflation and cost volatility affecting much of the hospitality sector.
Backed by prominent restaurateur Richard Caring, the group recorded a pre-tax profit of £37 million, marking an increase from £29 million the previous year. Turnover also saw modest growth, reaching £314.7 million compared to £302.9 million in 2022.
Earnings before interest, taxes, depreciation, and amortisation (EBITDA), adjusted for exceptional costs, edged up to £57.4 million from the previous £54.7 million, underscoring the brand’s ability to maintain profitability in a turbulent economic climate.
Notably, these financial gains were achieved without the addition of new restaurants within The Ivy Collection in 2023—a testament to the resilience and appeal of the existing estate.
The Ivy, originally established in London’s West End over a century ago, has evolved into a celebrated UK-wide brand. Since 2014, the group has launched approximately 50 Ivy-branded restaurants across the UK and Ireland, alongside eight outlets under its pan-Asian concept, Ivy Asia and recently opened a restaurant in Bournemouth’s town centre.
Recent filings from the group’s parent company, submitted to Companies House, highlighted that the business managed to deliver “another impressive year” by offering value-driven experiences amid a challenging market. The brand noted that rising operational costs—particularly from increased energy prices and broader supply chain impacts—had placed pressure on margins, especially in the first half of the year.
Despite a decrease in the average headcount—from 5,962 employees in 2022 to 5,663 in 2023—overall staff costs rose to £137 million, up from £130 million. This uplift reflects the continued increase in the National Minimum Wage and the group’s investment in staff development and training.
Looking ahead, the company has secured an extension to its existing banking facility with HSBC, ensuring access to capital through to April 2025. The move is seen as a proactive step in strengthening financial stability and future growth prospects.
With industry observers reportedly valuing the brand at around £1 billion, speculation about a potential sale continues, although no formal announcements have been made.