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Jamie’s Italian went out of business owing creditors £83m, report claims

Jamie’s Italian

Creditors of Jamie’s Italian face losses of £83m, it was claimed over the weekend.

The full extent of the casual dining chain’s collapse was revealed by The Times, which said it had seen a copy of the joint administrators’ report from KPMG.

HSBC was described as the “biggest loser” from the demise of the TV chef’s high street restaurant empire having provided it with £39.4m of secured debt.

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It also shows that Jamie Oliver Holdings, which contains his successful publishing, broadcasting and licensing interests, provided £18.3 million of secured loans on which it will suffer a shortfall of about £16m.

The administrators’ report does not include the chef’s other restaurants, which include Barbecoa and Fifteen.

Jamie’s Italian went out of business in May, resulting in the loss of 1,000 jobs.

At the time, Will Wright, partner at KPMG and joint administrator, said: “The current trading environment for companies across the casual dining sector is as tough as I’ve ever seen. The directors at Jamie Oliver Restaurant Group have worked tirelessly to stabilise the business against a backdrop of rising costs and brittle consumer confidence. However, after a sales process which sought to bring new investment into the business proved unsuccessful, the team took the incredibly difficult decision to appoint administrators.”

Last month, the three Jamie Oliver restaurants at Gatwick Airport that weren’t immediately closed when the business plunged into administration were sold to travel operator SSP.

REVEALED: How much landlords are seeking for the leaseholds of closed Jamie’s Italian sites

 

 

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Andrew Seymour

The author Andrew Seymour

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