The billionaire who owns half of The Ivy has put his share up for sale.

The Ivy Collection has around 40 high-end restaurants in the UK, including The Ivy Montpellier Brasserie in Cheltenham.

Richard Caring own a 50% stake in the chain, which is valued at £1bn for his share alone. The remaining share of the business is owned by former Qatari prime minister Sheikh Hamad Bin-Jassim Bin-Jaber Al Thani, as reported by The Caterer.

Saudi Arabia's Public Investment Fund is expected to be interested in snapping up Caring's share in the chain.

Profit before tax at The Ivy for the year to January 1, 2023 was £29m - up from £20.4m in 2022.