The Ivy Collection has grown turnover by more than £100m in the year ended 1 January 2023, driven by expansion of the Ivy Asia brand.

Turnover rose from £200m the prior year to £302m in 2022 at the Richard Caring-backed restaurant chain.

Profit before tax increased from £20.4m to £29m, while adjusted EBITDA rose from £37.9m to £54.8m.

In comparison, the group reported turnover of £198m and profit before tax of £17.2m in the year ended December 2019.

Five new Ivy Asia restaurants and two Ivy Brasseries were opened during the period.

The group was locked into a fixed contract on both gas and electricity and therefore avoided a large price increase, but nevertheless faced inflationary pressures on supplier and new build costs as well as energy.

According to the update: “Our pricing strategy was maintained to ensure consistent profitability compared to pre covid years, while remaining competitive.”

The company’s two-year term loan and revolving credit facility with MBH Group UK and CH Acquisition, expiring on 29 April 2024 with the option to extend for a further year, was extended in December 2022 to reflect a term loan commitment of £120m and revolving credit facility commitment of £100m.

During the year, these bank facilities were consolidated into one legal entity, MBH Group.

The amount drawn down under the agreement at the balance sheet date was £190m.

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