Richard Caring Attributes Sales Decline at Caprice Holdings to Weak UK Economy
Caprice Holdings, the hospitality company owned by Richard Caring, reported a £3.6m drop in annual revenue for the year ending January 4, 2026, citing Britain's sluggish economic environment as a key factor. The firm attributed the decline to US tariffs and UK fiscal policies under Labour, including tax increases that have affected business conditions across London’s upmarket areas like Mayfair. Caprice also reduced over 100 jobs in response to rising minimum wage costs and National Insurance contributions. The company's profits after tax rose sharply from a £25.9m loss the previous year to £9.9m, largely due to reversing an earlier one-off impairment charge. Earlier this year, Caring sold a majority stake in several of his ventures—including The Ivy restaurant empire and Annabel’s club—to an Abu Dhabi sheikh for £1.4bn. These assets are not included in Caprice's latest financial results.
Topics: Employment Costs Hospitality Industry Labour Policies Restaurant Sales UK Economy