Battle · 7 companies

London's restaurant groups

Many tables, one question: whose empire is paying its way?

The Ivy Collection leads on 3 of the five measures that matter most: turnover, pre-tax profit, profit margin, growth and net assets. The Ivy Collection is the biggest by turnover at £327m, against £203m at Zuma. Zuma keeps the most of every £100 it takes, £14.74 as pre-tax profit.

The year ends are up to 12 months apart, so this compares each company's most recent filing rather than the same twelve months. Zuma, The Ivy Collection, Gordon Ramsay Restaurants, Birley Clubs and JKS Restaurants file group accounts that include subsidiaries; Caprice Holdings and Dishoom file for a single company, which flatters the groups on size. Gordon Ramsay Restaurants's turnover growth looks like a one-off in the latest accounts (a gain inside a group, an acquisition or a longer accounting period), so it is shown but not counted when picking winners.

Spark Intel Research Desk·Last updated ·Source: Companies House filed accounts

Accounts compared: Caprice Holdings to Jan 2026 · Zuma to Dec 2024 · Dishoom to Dec 2024 · The Ivy Collection to Jan 2025 · Gordon Ramsay Restaurants to Dec 2024 · Birley Clubs to Jan 2025 · JKS Restaurants to Mar 2025

Biggest by turnover

The Ivy Collection

£327m

Highest profit margin

Zuma

14.7%

Fastest-growing turnover

Dishoom

+17.3%

The Numbers

#CompanyTurnoverChangePre-tax profitMarginEmployeesPay per headTurnover per headNet assetsBank and cashAccounts toBasis
1 The Ivy CollectionTroia (UK) Restaurants Limited £327m +3.9% £32m 9.9% 5,544 £24,000 £59,000 £120m £23m Jan 2025 Group
2 ZumaAzumi Limited £203m -1.0% £30m 14.7% 2,149 £28,000 £94,000 £73m £28m Dec 2024 Group
3 DishoomDishoom Limited £137m +17.3% £10m 7.4% 1,990 £28,000 £69,000 £11m £12m Dec 2024 Single company
4 Gordon Ramsay RestaurantsGordon Ramsay Restaurants Ltd £134m +40.0% -£13m -9.4% 1,168 £39,000 £115,000 -£41m £1.2m Dec 2024 Group
5 Caprice HoldingsCaprice Holdings Limited £90m -3.9% £8m 9.1% 1,006 £32,000 £90,000 £28m £1.9m Jan 2026 Single company
6 Birley ClubsMBH Group (UK) Limited £81m +6.6% -£0.4m -0.5% 617 £45,000 £131,000 -£17m £1.9m Jan 2025 Group
7 JKS RestaurantsJKS Hospitality Limited £73m -1.5% -£1.3m -1.8% 1,100 £29,000 £66,000 £8m £3m Mar 2025 Group

Ranked by turnover. Click any column to sort. The leader on each measure is highlighted. Movements are against each company's own prior year. Pre-tax profit is filed except where marked (est.).

Category winners

Biggest by turnover

The Ivy Collection

£327m

Most pre-tax profit

The Ivy Collection

£32m

Highest profit margin

Zuma

14.7%

Fastest-growing turnover

Dishoom

+17.3%

Biggest employer

The Ivy Collection

5,544 staff

Highest pay per head

Birley Clubs

£45,000

Most turnover per head

Birley Clubs

£131,000

Largest net assets

The Ivy Collection

£120m

Most cash

Zuma

£28m

The Takeaway

  1. Zuma converts the most of its turnover. Of every £100, £14.74 reaches pre-tax profit, against a loss of £9.38 at Gordon Ramsay Restaurants.
  2. The Ivy Collection is the largest on the top line, £327m of turnover, 1.6x Zuma's £203m.
  3. Dishoom is growing fastest, turnover +17.3% on its own prior year. Caprice Holdings, Zuma and JKS Restaurants went backwards.
  4. The Ivy Collection is the biggest employer with 5,544 people; Birley Clubs pays the most per head, an average staff cost of about £45,000.
  5. The Ivy Collection has the largest balance sheet, net assets of £120m, while Zuma holds the most cash at £28m.

Who keeps the most of every £100 of sales?

Zuma keeps the most: £14.74 of every £100 of turnover becomes pre-tax profit. Gordon Ramsay Restaurants does worst, losing £9.38.

Financing bites hardest at Birley Clubs: £25.33 of every £100 goes on interest.

Every profit figure here is the one the company filed.

The chart splits each company's turnover into £100: what goes on people, on interest and on everything else, and what is left as profit.

Out of every £100 of turnover

£0£100 ZumaDec 2024 · £203mPayroll: £29.95 of every £100£29.95Financing: £1.47 of every £100Other costs: £53.85 of every £100£53.85Profit: £14.74 of every £100Profit £14.74The Ivy CollectionJan 2025 · £327mPayroll: £40.10 of every £100£40.10Financing: £0.46 of every £100Other costs: £49.58 of every £100£49.58Profit: £9.87 of every £100Profit £9.87Caprice HoldingsJan 2026 · £90mPayroll: £35.46 of every £100£35.46Financing: £1.46 of every £100Other costs: £53.96 of every £100£53.96Profit: £9.11 of every £100Profit £9.11DishoomDec 2024 · £137mPayroll: £40.32 of every £100£40.32Financing: £1.03 of every £100Other costs: £51.26 of every £100£51.26Profit: £7.39 of every £100Profit £7.39Birley ClubsJan 2025 · £81mPayroll: £34.03 of every £100£34.03Financing: £25.33 of every £100£25.33Other costs: £41.14 of every £100£41.14Loss (the costs beyond £100): £0.50 of every £100Loss £0.50JKS RestaurantsMar 2025 · £73mPayroll: £44.60 of every £100£44.60Financing: £5.92 of every £100Other costs: £51.29 of every £100£51.29Loss (the costs beyond £100): £1.81 of every £100Loss £1.81Gordon RamsayRestaurantsDec 2024 · £134mPayroll: £34.41 of every £100£34.41Financing: £3.94 of every £100Other costs: £71.03 of every £100£71.03Loss (the costs beyond £100): £9.38 of every £100Loss £9.38
Payroll (staff costs)Financing (interest paid)Other running costsPre-tax profitLoss: the costs beyond £100

Each bar is £100 of that company's own turnover, so companies of any size compare on one scale; the figures are pounds out of each £100, not millions. Companies run from the best margin to the worst. Payroll is staff costs, financing is interest paid, other running costs are everything else, and profit is pre-tax profit, filed or estimated as marked in the table. A loss is not an extra cost: it is the part of the costs that runs past the £100 line, marked with a red bracket. Hover over any segment for its figure.

Who is the biggest, and does the comparison hold?

By turnover the order is The Ivy Collection (£327m), Zuma (£203m), Dishoom (£137m), Gordon Ramsay Restaurants (£134m), Caprice Holdings (£90m), Birley Clubs (£81m), JKS Restaurants (£73m).

By headcount, The Ivy Collection leads with 5,544 employees.

The comparison holds with the dates stated plainly: Caprice Holdings to Jan 2026, Zuma to Dec 2024, Dishoom to Dec 2024, The Ivy Collection to Jan 2025, Gordon Ramsay Restaurants to Dec 2024, Birley Clubs to Jan 2025, JKS Restaurants to Mar 2025. The bases differ: group accounts include the businesses a company owns, single-company accounts do not.

The Ivy Collection£327mZuma£203mDishoom£137mGordon Ramsay Restaurants£134mCaprice Holdings£90mBirley Clubs£81mJKS Restaurants£73m

Turnover on the latest filing

Who is growing fastest?

Gordon Ramsay Restaurants grew fastest, turnover +40.0% on its own prior year, ahead of Dishoom (+17.3%), Birley Clubs (+6.6%), The Ivy Collection (+3.9%), Zuma (-1.0%), JKS Restaurants (-1.5%), Caprice Holdings (-3.9%).

Gordon Ramsay Restaurants+40.0%Dishoom+17.3%Birley Clubs+6.6%The Ivy Collection+3.9%Zuma-1.0%JKS Restaurants-1.5%Caprice Holdings-3.9%

Turnover change on each company's own prior year

Who employs the most, who pays the most, and who brings in the most per head?

The Ivy Collection employs the most, 5,544 people, against 2,149 at Zuma.

Birley Clubs has the highest average staff cost, about £45,000 a head; The Ivy Collection the lowest, about £24,000.

Birley Clubs brings in the most turnover per employee, about £131,000, against £59,000 at The Ivy Collection. It says as much about the business model as the workforce: a marketplace or a wholesaler needs far fewer people per pound than a restaurant or a gym.

Caprice Holdings

1,006

employees, about £32,000 pay a head, £90,000 turnover a head, -9.9% on the year

Zuma

2,149

employees, about £28,000 pay a head, £94,000 turnover a head, +1.5% on the year

Dishoom

1,990

employees, about £28,000 pay a head, £69,000 turnover a head, +7.2% on the year

The Ivy Collection

5,544

employees, about £24,000 pay a head, £59,000 turnover a head, -2.1% on the year

Gordon Ramsay Restaurants

1,168

employees, about £39,000 pay a head, £115,000 turnover a head, -13.1% on the year

Birley Clubs

617

employees, about £45,000 pay a head, £131,000 turnover a head, -2.7% on the year

JKS Restaurants

1,100

employees, about £29,000 pay a head, £66,000 turnover a head, +12.5% on the year

Who owns each one?

Ownership as recorded on the Companies House register of people with significant control, in the bands the register uses.

Caprice Holdings Limited · 01661349

Held by Ch Acquisition Limited

A company recorded as a person with significant control. 11 outstanding charges on the register.

Who owns Caprice Holdings →

Azumi Limited · 04163938

No controller recorded

The register shows no person with significant control. 6 outstanding charges on the register.

Who owns Zuma →

Dishoom Limited · 06226963

Held by Ruby Bidco Holdings Limited

A company recorded as a person with significant control. 2 outstanding charges on the register.

Who owns Dishoom →

Troia (UK) Restaurants Limited · 08504201

Held by Richard Allan Caring

An individual recorded as a person with significant control. 10 outstanding charges on the register.

Who owns The Ivy Collection →

Gordon Ramsay Restaurants Ltd · 07360142

Held by Gordon Ramsay Restaurants (Global) Ltd

A company recorded as a person with significant control. 4 outstanding charges on the register.

Who owns Gordon Ramsay Restaurants →

MBH Group (UK) Limited · 06227148

Held by Richard Allan Caring

A company recorded as a person with significant control. 7 outstanding charges on the register.

Who owns Birley Clubs →

JKS Hospitality Limited · 14643727

Held by Mr Jyotin Sethi

An individual recorded as a person with significant control. 1 outstanding charge on the register.

Who owns JKS Restaurants →

What does the full ledger show?

MeasureCaprice HoldingsZumaDishoomThe Ivy CollectionGordon Ramsay RestaurantsBirley ClubsJKS Restaurants
Registered nameCAPRICE HOLDINGS LIMITEDAZUMI LIMITEDDISHOOM LIMITEDTROIA (UK) RESTAURANTS LIMITEDGORDON RAMSAY RESTAURANTS LTDMBH GROUP (UK) LIMITEDJKS HOSPITALITY LIMITED
Company number01661349041639380622696308504201073601420622714814643727
Incorporated1982200120072013201020072023
Accounts filed4 September 20268 September 202512 August 202524 June 202528 October 202524 June 202520 March 2026
Turnover, prior year£94m£205m£117m£315m£96m£76m£74m
Pre-tax profit, prior year-£26m£41m£7m£38m-£3m-£8m-£5m
Staff costs£32m£61m£55m£131m£46m£27m£32m
Payroll share of turnover35.5%29.9%40.3%40.1%34.4%34.0%44.6%
Employees, prior year1,1162,1181,8575,6631,344634978
Dividends paidn/d£40m£5mn/dn/d£50kn/d
Charges outstanding116210471

A figure the filing does not disclose is shown as n/d; a zero in a filing is treated as not disclosed. Rounding: below £0.1m in thousands, £0.1m to £2m to one decimal place, above that to the nearest million.

London's restaurant groups: common questions

Who is the biggest of Caprice Holdings, Zuma, Dishoom, The Ivy Collection, Gordon Ramsay Restaurants, Birley Clubs or JKS Restaurants?

The Ivy Collection, with turnover of £327m in the year to January 2025.

Which makes the most profit?

The Ivy Collection: £32m pre-tax in the year to January 2025.

Which employs the most people?

The Ivy Collection, with 5,544 employees in its latest accounts.

Caprice Holdings or Zuma: which is bigger?

Zuma, with turnover of £203m against £90m at Caprice Holdings on their latest filings. On margin, Zuma keeps more of each £100 as pre-tax profit. The full head to head is in the VS Series. Read the VS page →

Caprice Holdings or Dishoom: which is bigger?

Dishoom, with turnover of £137m against £90m at Caprice Holdings on their latest filings. On margin, Caprice Holdings keeps more of each £100 as pre-tax profit.

Caprice Holdings or The Ivy Collection: which is bigger?

The Ivy Collection, with turnover of £327m against £90m at Caprice Holdings on their latest filings. On margin, The Ivy Collection keeps more of each £100 as pre-tax profit.

Caprice Holdings or Gordon Ramsay Restaurants: which is bigger?

Gordon Ramsay Restaurants, with turnover of £134m against £90m at Caprice Holdings on their latest filings. On margin, Caprice Holdings keeps more of each £100 as pre-tax profit.

Caprice Holdings or Birley Clubs: which is bigger?

Caprice Holdings, with turnover of £90m against £81m at Birley Clubs on their latest filings. On margin, Caprice Holdings keeps more of each £100 as pre-tax profit.

Caprice Holdings or JKS Restaurants: which is bigger?

Caprice Holdings, with turnover of £90m against £73m at JKS Restaurants on their latest filings. On margin, Caprice Holdings keeps more of each £100 as pre-tax profit.

Zuma or Dishoom: which is bigger?

Zuma, with turnover of £203m against £137m at Dishoom on their latest filings. On margin, Zuma keeps more of each £100 as pre-tax profit.

Zuma or The Ivy Collection: which is bigger?

The Ivy Collection, with turnover of £327m against £203m at Zuma on their latest filings. On margin, Zuma keeps more of each £100 as pre-tax profit.

Zuma or Gordon Ramsay Restaurants: which is bigger?

Zuma, with turnover of £203m against £134m at Gordon Ramsay Restaurants on their latest filings. On margin, Zuma keeps more of each £100 as pre-tax profit.

Zuma or Birley Clubs: which is bigger?

Zuma, with turnover of £203m against £81m at Birley Clubs on their latest filings. On margin, Zuma keeps more of each £100 as pre-tax profit.

Zuma or JKS Restaurants: which is bigger?

Zuma, with turnover of £203m against £73m at JKS Restaurants on their latest filings. On margin, Zuma keeps more of each £100 as pre-tax profit.

Dishoom or The Ivy Collection: which is bigger?

The Ivy Collection, with turnover of £327m against £137m at Dishoom on their latest filings. On margin, The Ivy Collection keeps more of each £100 as pre-tax profit.

Dishoom or Gordon Ramsay Restaurants: which is bigger?

Dishoom, with turnover of £137m against £134m at Gordon Ramsay Restaurants on their latest filings. On margin, Dishoom keeps more of each £100 as pre-tax profit.

Dishoom or Birley Clubs: which is bigger?

Dishoom, with turnover of £137m against £81m at Birley Clubs on their latest filings. On margin, Dishoom keeps more of each £100 as pre-tax profit.

Dishoom or JKS Restaurants: which is bigger?

Dishoom, with turnover of £137m against £73m at JKS Restaurants on their latest filings. On margin, Dishoom keeps more of each £100 as pre-tax profit.

The Ivy Collection or Gordon Ramsay Restaurants: which is bigger?

The Ivy Collection, with turnover of £327m against £134m at Gordon Ramsay Restaurants on their latest filings. On margin, The Ivy Collection keeps more of each £100 as pre-tax profit. The full head to head is in the VS Series. Read the VS page →

The Ivy Collection or Birley Clubs: which is bigger?

The Ivy Collection, with turnover of £327m against £81m at Birley Clubs on their latest filings. On margin, The Ivy Collection keeps more of each £100 as pre-tax profit.

The Ivy Collection or JKS Restaurants: which is bigger?

The Ivy Collection, with turnover of £327m against £73m at JKS Restaurants on their latest filings. On margin, The Ivy Collection keeps more of each £100 as pre-tax profit.

Gordon Ramsay Restaurants or Birley Clubs: which is bigger?

Gordon Ramsay Restaurants, with turnover of £134m against £81m at Birley Clubs on their latest filings. On margin, Birley Clubs keeps more of each £100 as pre-tax profit.

Gordon Ramsay Restaurants or JKS Restaurants: which is bigger?

Gordon Ramsay Restaurants, with turnover of £134m against £73m at JKS Restaurants on their latest filings. On margin, JKS Restaurants keeps more of each £100 as pre-tax profit.

Birley Clubs or JKS Restaurants: which is bigger?

Birley Clubs, with turnover of £81m against £73m at JKS Restaurants on their latest filings. On margin, Birley Clubs keeps more of each £100 as pre-tax profit.

Where do these figures come from?

Each company's latest accounts filed at Companies House. Each links to its full Spark Intel profile, which names the filing it comes from.

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