Richard Caring nears deal to acquire legendary City restaurant 1 Lombard Street

Richard Caring is in advanced talks to buy the iconic City restaurant 1 Lombard Street. The deal is in its final stages and could be completed as early as next week. This marks his first return to the restaurant business since selling his empire for £1.4bn in 2021. 1 Lombard Street has been owned by Soren Jessen for nearly 30 years. The restaurant opened in 1998 and played a key role in transforming the culinary reputation of the Square Mile. Jessen, a former banker at Merrill Lynch and Goldman Sachs, has overseen its success during his long tenure.

Caring previously built a restaurant empire that included The Ivy Collection and Annabel’s. He acquired The Ivy, Le Caprice, and J Sheekey in 2005 after making his fortune in fast fashion. His group was later sold to Sheikh Tahnoon bin Zayed al-Nahyan in 2021.

The potential sale of 1 Lombard Street comes at a time of significant changes for another City institution, Coq d'Argent. The acquisition would signal Caring’s return to the restaurant industry after a two-year absence. If finalised, the deal would add 1 Lombard Street to his portfolio of high-profile dining venues. The sale is expected to close within days, pending final negotiations.