Politics

Jamie Oliver claws again £2.4m from restaurant empire collapse



Celebrity chef Jamie Oliver has clawed again £2.4m from the collapse of his Italian restaurant empire, firm filings reveal, as suppliers to the chain are compelled to swallow tens of hundreds of thousands of kilos price of losses.

Documents revealed by Interpath because the administration course of wraps up present that Mr Oliver’s holding firm obtained an additional £580,000 cost within the interval between final November and this month. This takes the whole which has been paid out to Jamie Oliver Holdings, a enterprise majority owned by Mr Oliver, to £2.4m. 

Interpath stated it was a “significant shortfall” to the quantity that had been owed to Mr Oliver, who spent £25m attempting to save lots of the Italian chain in 2019.

However, suppliers to the chain have borne the brunt of the losses. Jamie’s Italian had owed round £85m when it went bust, which included £21m in money owed to a gaggle of collectors together with meals producers and UK councils. 

Jamie Oliver Holdings was classed as a secured creditor, in contrast to these different companies, and so was assured to obtain a part of the money owed owed to it.

The unsecured collectors, which embrace the suppliers and councils, obtained simply £520,000 of the £21m they had been owed.

One of its suppliers, Direct Meats, beforehand described feeling “hugely let down by the businesses falling into administration”. Filings from final July, earlier than Interpath had referred to as for collectors to set out their requests, had advised at the least one meals provider was owed virtually £800,000.

Jamie Oliver Group declined to remark.

The collapse of Jamie’s Italian got here amid a downturn within the informal eating sector, with different firms together with Gaucho, Byron and Gourmet Burger Kitchen having struggled. 

Jamie Oliver’s Italian chain went by way of a painful restructuring during which it offloaded unprofitable websites, in an try to remain afloat. However, when it went below, virtually 1,000 jobs had been misplaced, with the closure of twenty-two of his 25 UK eating places described by Mr Oliver as “the hardest thing I’ve ever had to do”. 

Mr Oliver stated on the time: “I am deeply saddened by this outcome and would like to thank all of the staff and our suppliers who have put their hearts and souls into this business for over a decade. I appreciate how difficult this is for everyone affected.”

The three remaining UK eating places – in Gatwick airport – had been purchased by SSP out of administration.

Mr Oliver has since advised he may look to revive his restaurant empire within the UK, telling the Radio Times final 12 months: “I’m looking forward to now however I’ll positively get again within the sport.”

News that the administration course of for Jamie’s Italian has now wrapped up comes weeks after Mr Oliver discovered himself on the centre of a row over the price of dwelling. He claimed the Government was utilizing the present squeeze on family incomes as an “excuse” to delay tackling weight problems.

Earlier this month, Mr Oliver organised a protest outdoors Downing Street during which he lashed out on the Government’s determination to halt a ban on “buy-one-get-one-free” (BOGOF) presents for junk meals.

Boris Johnson stated of the transfer: “If people can save on their food bills with some offers then I think we have just got to be flexible while we continue to tackle obesity.”

Mr Oliver has argued that BOGOF presents don’t assist family budgets. “This particular mechanic makes people spend more of their income and waste more,” Mr Oliver stated. “To use cost of living as an excuse is wrong, it’s completely unfair.”

Critics have, nonetheless, argued that many individuals depend on such offers to feed themselves, with figures from Kantar exhibiting that greater than a fifth of Britons are struggling to make ends meet. Some gadgets have risen greater than 20pc in value. 



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