Welcome to the new Independent website. We hope you enjoy it and we value your feedback. Please contact us here.

Caring cashes in on his Côte holding with £113m sale

The London restaurants and clubs tycoon Richard Caring has sold his holding in his Côte bistro chain for £113m.

The owner of the The Ivy, Le Caprice and Scott's is cashing in on the huge success of the 37-branch chain into which he originally ploughed just £8m in 2007.

Côte, known for its "reasonably priced" French cooking, was founded by the team responsible for Italian restaurants chain Strada with backing from Mr Caring.

The first bistro opened in Wimbledon village and it has 20 outlets in London and others across southern England and South Wales. It wants to roll out another 100 branches in the UK.

Côte recently reported a 225 per cent increase in profits, making it the company with the fastest-growing profits within the UK's restaurants and pubs market.

Earlier this year, Mr Caring reduced his stake in the Soho House Group, the private members' club, netting £60m. As well as his fine dining group Caprice Holdings, Mr Caring, who is said to be worth about £700m, also owns a London clubs empire, which includes Annabel's and Harry's Bar.