Sky News reports that Caring is close to signing a deal with Si Advisers, a little-known London-based firm.
Sources said a deal could be formally struck within weeks and was expected to value at around the £1bn valuation mooted for the business over the last eight months.
Caring launched a £1bn auction for his share in Troia (UK) Restaurants, the parent company of The Ivy Collection, back in January.
It was subsequently reported in June that Caring was expected to completely cash out of the business, having initially been expected to retain a residual stake in the group of about 25%.
According to Sky News, other shareholders in The Ivy Collection, including a Qatari fund, are also expected to sell.
Si Advisers lists its two directors as Hamza Ben Abderahmen and Ameel Somani, who is described as ‘a private equity investor and keen supporter of the arts’.
Somani serves on several boards and previously worked for Helios Investment Partners, the Africa-focused private equity firm.
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.