Hospitality tycoon Richard Caring has blamed Britain’s “lacklustre” economy for a drop in sales at his upmarket London restaurants.
Mr Caring’s Caprice Holdings, which owns restaurants including Sexy Fish, J Sheekey and Balthazar, saw revenues fall by £3.6m to £90.5m in the year to Jan 4 2026.
Directors said the decline “mirrored a lacklustre economic environment in the UK”, according to accounts filed with Companies House. They blamed US tariffs and tax rises under Labour for the tricky trading environment.
“Nationalist trade policies from geopolitical partners as well as UK fiscal policy have resulted in low economic growth,” directors wrote.
Labour’s crackdown on non-doms has hit London’s most expensive postcodes hard and been blamed for driving wealthy individuals abroad. Several hospitality bosses and business owners in the capital’s richest areas have complained that these exits have depressed demand for everything from private memberships to butlers.
Mr Caring has been described as the “King of Mayfair” thanks to his extensive portfolio of restaurants and clubs in the area. His investments include 34 Mayfair, Daphne’s and Bacchanalia.
As well as a drop in revenue, Caprice also cut more than 100 jobs in the 12 months to Jan 4, blaming Labour’s rises in the minimum wage and employers’ National Insurance.
Staffing numbers dropped from 1,111 to 1,001, helping Caprice to trim its employment costs from £36.6m to £32m.
Directors said: “The UK hospitality sector faced several headwinds in the period, including increases to National Insurance and the National Minimum Wage.
“The company worked hard to continue providing value to its consumers in spite of cost pressures. Labour margins were improved by managing staffing levels without compromising service.”
Former chancellor Rachel Reeves hit employers with a £26bn tax rise in her Budget in October 2024, which took effect in April 2025.
Mr Caring sold a majority stake in many of his hospitality ventures this year to an Abu Dhabi Sheikh for £1.4bn.
The deal included The Ivy restaurant empire, private members club Annabel’s and seafood eatery Scott’s in Mayfair, though casual dining chain Bill’s was exempted. The accounts for Caprice do not include performance of The Ivy or Annabel’s.
Caprice’s accounts reveal an art collection worth £35m across Mr Caring’s portfolio of upmarket restaurants. It includes works by Damien Hirst, who designed a couple of bronze mermaids and an aquatic relief for Sexy Fish, and works by Canadian-American designer and architect Frank Gehry.
