Caprice Holdings, the restaurant group owned by Richard Caring, has reported that it has succeeded in more than doubling its profits despite the economic downturn.
The company, which runs London-based restaurants including The Ivy, JSheekey, Le Caprice, Daphne’s and Scott’s, posted a pre-tax profit of £6.1m in the 12 months to the end of June 2008, up from £2.8m in the first half of 2007.
The group saw revenue rise 31.5% to £34.2m, driven by the first full year’s trading at its Mayfair fish restaurant Scott’s since its refurbishment, as well as overseas franchise agreements.
Des McDonald, Caprice Holding’s chief executive, admitted nevertheless that the company had been hit by the financial crisis, with November proving “challenging”, although he said that performance over Christmas and the New Year had been good.
He said that the company planned to continue its expansion overseas, with The Ivy set to open at the Tiger Woods golf course in Dubai and Caprice scheduled to launch at the Pierre Hotel in New York in May.
The company is also understood to be interested in potential projects in China.
Caprice Holdings did not pay a dividend for 2008.
