Richard Caring sells restaurant empire

The stake was acquired by Diafa, an affiliate of the IHC Group, which is owned by Sheikh Tahnoon bin Zayed al-Nahyan.

Caring will reportedly retain a minority interest in the business he transformed into a global symbol of luxury dining.

The sale comes amid a slow period for private equity dealmaking as high interest rates continue to impact the sector.

The move is expected to provide significant capital for the group's international expansion, particularly in the Middle East and North America.