Richard Caring sold The Ivy Collection, Annabel’s, Scott’s, Sexy Fish, Harry’s Bar, George, Mark’s Club and Noema to Abu Dhabi’s Diafa, an affiliate of IHC Group, chaired by Sheikh Tahnoon bin Zayed al Nahyan, the deputy ruler of Abu Dhabi. Collectively they make up Troia Restaurants, which last year posted earnings of £58m on the £303m of turnover. Diafa already owns Zuma and Roka. Now they own crown jewels of British hospitality by paying £1.4bn.

They opened door in 1917 and earned a reputation for impeccable service, passion for exceptional food.

Richard Caring will remain executive chariman of the group, which will seek to expand The Ivy Collection into the US.Ravi Thakran, former chairman of LVMH Asia and founder of L Capital Asia, will be named the combined group’s new chief executive. Ashley Saxton, former director of restaurants at Harrods is the Global F&B chief executive of the group.