Jamie Oliver Restaurant Group creditors to suffer 'significant shortfall'

03 January 2020 by
Jamie Oliver Restaurant Group creditors to suffer 'significant shortfall'

Unsecured creditors of Jamie Oliver Restaurants are unlikely to receive a penny, while secured creditors will "suffer a significant shortfall in respect of the funding provided" according to an update from the administrators.

In a report published by KPMG covering the period 21 May 2019 to 20 November 2019 it said that £30,000 of its fees were being covered by Jamie Oliver Holdings "due to the uncertainty of any potential realisation in the estate".

It said: "Based on current estimates, it is uncertain whether there will be a dividend to unsecured creditors."

The report added that KPMG had reviewed the company's affairs to establish whether any action could be taken against third parties to "increase recoveries for creditors", but said "no such action has been identified".

Jamie Oliver Restaurants, which included 22 Jamie's Italian sites, one Barbecoa restaurant, Jamie Oliver's Diner at Gatwick Airport and Fifteen London, fell into administration in May 2019.

The group had been searching for additional investment since the beginning of the year, with the celebrity chef having made £4m available to support fundraising – on top of the more than £10m he put in prior to a CVA process last year – however, no investment was forthcoming.

Oliver said at 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."

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