Richard Caring has sold the building housing his iconic restaurant The Ivy to Standard Life for £40m, writes The Telegraph.

Caring has owned the freehold of the building since 2005, when he bought both the property and Caprice Holdings, the operating company through which he runs a number of famous London restaurants including Scott’s and Sexy Fish.

As well as being home to The Ivy, the building on London’s West Street also contains The Club at The Ivy, an exclusive members club which was opened in 2008.

The newspaper said that Standard Life is understood to have bought the building through property advisors CBRE in an off-market deal. Coffer Corporate Leisure is also believed to have advised on the deal.