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Jamie Oliver Restaurant Group seeks investment partner

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Jamie Oliver Restaurant Group seeks investment partner

Jamie Oliver’s restaurant group has confirmed it is seeking an investment partner to help it expand across UK and international markets. 

The statement followed a report in The Times that consultants AlixPartners had been appointed to advise on securing private equity funding or a trade backer.

The firm guided the celebrity chef’s business through a CVA early in 2018 that saw the closure of 12 restaurants, despite Oliver having piled in more than £10m of his personal savings.

A spokesperson for the Jamie Oliver Restaurant Group said: “Building on the success of Jamie’s recent books and TV shows, Jamie Oliver Restaurant Group is seeking an investment partner to work alongside Jamie and the team to evolve and expand the business in the UK and international markets.”

Financial  results for the year ending 31 December 2017 detailed a 10.8% loss in revenues from the restaurant arm of Oliver’s empire to £100.6m. Total earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 78.4% to £2.1m before exceptional items, down from £9.7m in 2016.

Since the CVA Oliver and group CEO Jon Knight have delivered new menus and put the celebrity chef front and centre of the streamlined group.

Jamie Oliver and the casual dining crunch: “I hope we never ever go through this again. I don’t know if I could hack it”>>

Jamie Oliver’s relaunch recipe: chief executive Jon Knight reveals all>>

Jamie Oliver Group posts losses of £20m as media success fails to offset restaurants’ struggles>>

 

 

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