Caring makes ‘verbal commitment’ to continue The Ivy backing

The Ivy backer Richard Caring has indicated he would be willing to support the restaurant group should cash funding through its banks become unavailable.

Following a similar commitment to Bill’s Restaurants, of which Caring is a major shareholder, the Caprice Holdings chairman made a verbal agreement to extend support until May 2021.

In an update on Companies House the group said that whilst “there are no binding commitments,” Caring has been “historically extremely supportive”, though a material uncertainty exists that may cause “significant doubt on the company’s ability to continue as a going concern”.

Responding to the complete closure of its estate last year, the group delayed planned capital expenditure, reduced variable costs and incorporated government support initiatives including a 12-month business rates waiver, short term working capital loan Finance and furlough.

“The UK economy has suffered significantly as a result of the pandemic and this presents a risk to any consumer business,” said the report. “The group, however, has taken decisive action to secure its long-term future and to ensure it is well prepared for when the estate is able to operate again.”

For the year ending 29 December 2019, group turnover was £198,713k, up from £66,339k in 2018. EBITDA was at £34,630k, up from £7,362k year-on-year.