(Sharecast News) - Richard Caring, the billionaire businessman known for his ownership of high-end London restaurants, was reportedly nearing a deal to sell a controlling stake in The Ivy Collection on Friday.

The sale, which Sky News said was expected to be finalised within weeks, was apparently valued at around £1bn.

Sky said the buyer was London-based firm Si Advisers, which emerged as the front-runner in the deal after several prominent investors had shown interest.

The Ivy Collection chain of high-end restaurants had grown significantly under Caring's ownership.

Sky said the latest financial figures for The Ivy Collection showed a turnover of nearly £303m and EBITDA of £54.8m.

The sale was expected to generate a substantial return for Caring, following earlier deals like the 2019 sale of a 25% stake in Caprice Holdings to a Qatari fund for £200m.

Caring's other high-profile venues, including Scott's, Sexy Fish, and private clubs like Annabel's, were not included in the deal.

Si Advisers is led by Hamza Ben Abderahmen and Ameel Somani, a private equity investor with a background at Helios Investment Partners.

Neither Si Advisers, The Ivy Collection or Richard Caring had commented on the reported deal by lunchtime on Friday.

Reporting by Josh White for Sharecast.com.