‘King of Mayfair’ Richard Caring hits out at ‘lacklustre’ economy

Richard Caring, often referred to as the "King of Mayfair," has criticized the UK's "lacklustre" economy for diminishing sales at his upscale restaurant chain. Caprice Holdings, the company he leads, reported a 4% drop in revenue to £90.5m in the year ending January, attributing the decline to rising labor expenses and US tariffs.

The group's establishments include Sexy Fish in Berkeley Square, J Sheeky, an oyster restaurant, and Balthazar, a French brasserie. "Trading fell compared to the prior period which mirrored a lacklustre economic environment in the UK," the directors remarked. The hospitality sector faced several "cost headwinds" in the period, such as increases in National Insurance and the National Minimum Wage.

Despite these pressures, the company maintained its commitment to delivering value to customers. In 2024, when the then-Chancellor Rachel Reeves increased the rate and threshold of employer National Insurance Contributions (NICs), a tax widely regarded as harmful to the hospitality industry, Caprice Holdings laid off over 100 employees.

Their employment costs dropped by 13% to £32m. Caring also blamed US President Donald Trump's tariff policies and UK fiscal policy for contributing to the company's economic challenges. In April, Caring sold a majority stake in many of his hospitality ventures to Diafa, an Abu-Dhabi-backed hospitality platform. Diafa, an affiliate of Abu Dhabi's largest listed firm, acquired a £1.4bn stake in the portfolio, which included The Ivy restaurant, Scott's seafood eatery, and members' club Annabel's.