Jamie’s Italian accepts short-term loan to overcome tough trading

Jamie’s Italian

Jamie’s Italian has borrowed money from its parent company and hired external consultants to devise a turnaround strategy in a bid to get the chain back on track, it has been reported.  

Jamie Oliver Restaurant Group has handed a short-term loan to the 40-strong chain to “support it through the tough trading environment” and assist with capital expenditure costs.

Business advisory specialist Alix Partners has been brought in to map out a plan for future growth as the chain wrestles more challenging conditions on the high street.

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Earlier this year Jamie’s Italian shut six stores after blaming the impact of Brexit, although Jamie Oliver himself recently stated in a newspaper interview that there were no plans to shut any further stores.

“We grew very fast and I closed six as they were problem sites taking up senior management’s time and effort,” he explained at the time. “You’ve got to be practical and if it’s not meant to be, shut it down and try again. We opened two more. The restaurants are all profitable. I’m positive about the industry but times are challenging.”

In a statement issued to the press, a spokesperson said: “The Jamie Oliver Holdings Group has provided a short-term company loan into the business to support it through the tough trading environment and our programme of capital expenditure to ensure we fully maximise all our opportunities.”

The Jamie Oliver Restaurant Group recently restructured its senior management team, with Jon Knight appointed as CEO. Mr Knight previously served as managing director of the group’s international restaurant portfolio.

Tags : Alix PartnersJamie OliverJamie Oliver Restaurant GroupJamie’s Italian
Andrew Seymour

The author Andrew Seymour

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