Caprice Holdings doubles profits in a year

Caprice Holdings, which owns some of London’s best known restaurants, has more than doubled its profit despite the tough economic climate.

The company, which is owned by entrepreneur Richard Caring, runs restaurants including The Ivy, Caprice and JSheekey.

It reported a pre-tax profit of £6.1m in the 12 months to the end of June 2008, more than double the £2.8m it posted in 2007.

Turnover, which rose 31.5% to £34.2m, was driven by the first full year's trading at Scott's in Mayfair, after the restaurant’s multi-million pound refurbishment.

Caprice Holdings chief executive Des McDonald told the Evening Standard that despite the good results the group’s recent trading had been hit by the downturn.

He added that while November had been challenging the company had enjoyed a great Christmas and New Year.

Caprice Holdings will continue its international expansion programme in 2009.

The group is set to launch The Ivy at the Tiger Woods golf course in Dubai and Le Caprice at the Pierre Hotel in New York in the spring.

Caprice has also signed a deal with Tatweer in Dubai to launch restaurants across the Middle East and Africa. Ultimately this will see Caprice Holdings restaurant brands in 22 countries during the next seven years.

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By Kerstin Kühn

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