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Creditors owed £83m in collapse of Jamie Oliver’s restaurant business

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Creditors owed £83m in collapse of Jamie Oliver’s restaurant business

Jamie Oliver personally lost around £25m in the collapse of his restaurant business which left creditors owed a total of £83m.

The largest debt – £39.4m in secured loans – was owed to HSBC, according to the joint administrators’ report for Jamie’s Italian and reported in The Times.

Jamie’s Italian fell into administration in May, resulting in around 1,000 redundancies and the closure of 22 Jamie’s Italian sites, one Barbecoa and Fifteen London. Jamie Oliver Holdings, the media and licensing arm of the chef’s business, was unaffected by the administration. The administrators’ report only covers Jamie’s Italian and does not include Barbecoa and Fifteen London.

Three restaurants at Gatwick Airport – Jamie’s Italian, Jamie Oliver’s Diner and Jamie’s Coffee Lounge – remain open after being sold to travel caterer SSP Group. Fifteen Cornwall, a franchised business, also continues to trade.

The administrators’ report showed that HMRC is owed £1.7m, while debts to unsecured trade creditors, including Brake Bros which is owned £783,000, amounted to £6.9m.

Last week it was announced that former employees of Jamie Oliver’s UK restaurants are planning to pursue pay-outs in an employment tribunal over the nature of their redundancies. Around 70 staff, with more joining the planned action each day, are involved

Representing the employees, law firm SDM Legal will argue that the employees are each entitled to a protective award of up to 90 days gross pay because a 30-day consultation period was not carried out prior to their redundancy.

Former employees of Jamie Oliver’s restaurants pursue tribunal over redundancies >>

Jamie Oliver ‘deeply saddened’ as UK restaurant group enters administration >>

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