The Times reports that Caring is expected to completely cash out of the business, having initially been expected to retain a residual stake in the group of about 25%.
Caring launched a £1bn auction for his share in Troia (UK) Restaurants, the parent company of The Ivy Collection, back in January.
He is a co-owner of the restaurant group in a 50/50 partnership with former Qatari Prime Minister Sheikh Hamad Bin-Jassim Bin-Jaber Al Thani.
City sources told The Times that a preferred bidder has now been selected and is expected to be granted exclusivity this week, with a view to completing the sale by July.
However, mystery surrounds the name of the suitor. Sources ruled out big sovereign wealth funds from Singapore and China.
Last year, Troia reported ‘strong growth’ across both sales and profits, driven by the expansion of The Ivy Asia brand.
Turnover for the group grew by more than £100m in the year ended 1 January 2023, rising to £302m from £200m the year before.
Profit before tax increased from £20.4m to £29m, while adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose from £37.9m to £54.8m.