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Jamie Oliver's Restaurant Empire Collapses Leaving 1,000 Jobs At Risk

Jamie Oliver's Restaurant Empire Collapses Leaving 1,000 Jobs At Risk

Jamie Oliver's restaurant empire has collapsed as administrators have been called in.

The news could leave a reported 1,000 jobs at risk as the television personality's portfolio of eateries includes 23 Jamie's Italian outlets, plus the Fifteen and Barbecoa brands.

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In a statement about the news, Oliver said he was 'deeply saddened'.

He said: "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 chef's restaurant empire has collapsed. Credit: PA
The chef's restaurant empire has collapsed. Credit: PA

"I would also like to thank all the customers who have enjoyed and supported us over the last decade, it's been a real pleasure serving you.

Administrators have reportedly been called into the business. Credit: PA
Administrators have reportedly been called into the business. Credit: PA

Speaking to The Financial Times, he said: "We had simply run out of cash. And we hadn't expected it. That is just not normal, in any business. You have quarterly meetings. You do board meetings. People supposed to manage that stuff should manage that stuff."

In 2017 Oliver had a reported net worth of £150m and used £7.5m of his own money to fund Jamie's Italian, injecting a further £5.2m to keep it afloat.

However, the business continued to struggle and racked up debts of £71.5m.

At the time, Oliver said his business came within hours of closing for good. He said: "I had two hours to put money in and save it or the whole thing would go to shit that day or the next day. It was as bad as that and as dramatic as that."

The businesses had to be saved by a rescue plan, involving £37m in loans from HSBC.

The chef says he is 'deeply saddened' by the news. Credit: PA
The chef says he is 'deeply saddened' by the news. Credit: PA

Speaking about the troubles almost a year later, the 'naked chef' claimed he didn't know how it happened.

He said: "I honestly don't know. We're still trying to work it out, but I think that the senior management we had in place were trying to manage what they would call the perfect storm: rents, rates, the high street declining, food costs, Brexit, increase in the minimum wage. There was a lot going on."

According to reports, KPMG has been appointed as administrator.

Featured Image Credit: PA

Topics: Food, World News, Interesting, Jamie Oliver

Dominic Smithers

Dominic graduated from the University of Leeds with a degree in French and History. Like you, Dom has often questioned how much use a second language has been. Well, after stints working at the Manchester Evening News, the Accrington Observer and the Macclesfield Express, along with never setting foot in France, he realised the answer is surprisingly little. But I guess, c'est la vie. Contact us at [email protected]

 

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