Richard Caring is in advanced talks to purchase iconic City restaurant 1 Lombard Street, marking his first return to the restaurant industry since selling his empire for £1.4bn.
The deal for the restaurant, housed inside a striking former banking hall near Bank Station, is understood to be in the final stages of negotiations following a lengthy pursuit by Caring.
The sale could be finalised as early as next week, bringing to a close almost 30 years of ownership by former Merrill Lynch and Goldman Sachs banker Soren Jessen.
Both Caring and Jessen declined to comment on the transaction when approached.
Caring previously built one of the world’s most celebrated restaurant groups, which included The Ivy Collection, Sexy Fish, Scott’s, J Sheekey, and the nightclubs Annabel’s and George.
That empire was sold to Abu Dhabi’s Sheikh Tahnoon bin Zayed al-Nahyan, the younger brother of UAE President Sheikh Mohamed bin Zayed.
Caring originally made his fortune in the fast-fashion business before acquiring celebrity hotspots The Ivy, Le Caprice, and J Sheekey for £31.5m in 2005.
He had never run a restaurant prior to that purchase, but went on to build the portfolio into one of the world’s most recognised and successful dining groups.
1 Lombard Street opened in 1998 and is widely credited with helping to transform the culinary reputation of the Square Mile, drawing workers into evening meals and weekend brunches.
The restaurant was among the first City venues to operate seven days a week, introducing the brand to a broader clientele beyond the traditional long weekday lunch crowd.
Jessen reflected on the restaurant’s pioneering role in a 2023 interview to mark its 25th anniversary, describing the challenge of building a dining culture in the City from scratch.
“It’s a chicken and the egg thing,” Jessen said. “There weren’t any restaurants because people escaped as soon as they finished work. And there weren’t any people hanging around the City because there weren’t any restaurants. Someone had to be brave and turn that tide. So we went for it.”
The acquisition comes as fellow City dining institution Coq d’Argent also faces significant change, with the restaurant set to relocate after ending its current lease at No.1 Poultry.
Coq d’Argent’s new location has not yet been disclosed, adding further uncertainty to the evolving landscape of high-end City dining.
The moves signal a broader shift in the Square Mile’s restaurant scene, as established names navigate changing leases, ownership structures, and the continued evolution of the City as a destination beyond office hours.