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Jamie Oliver Restaurants Post £20 million Loss

TV chef Jamie Oliver’s business accounts have posted almost £20 million in losses.The company,

jamie130412-2695which includes Oliver’s food offerings, media work and licensing deals, has endured a tough year particularly for casual dining arm of the business which saw the Jamie’s Italian brand come to the brink of collapse, and seek a creditors voluntary arrangement (CVA). Now the results for the year ending 31 December 2017, which saw the chef inject £13 million of his own money and close 12 outlets paint a clear picture of the difficulties the company face as it attempts to reshape its offering under difficult trading circumstances.

Overall sales under the Jamie’s Italian brand fell 11 per cent while Oliver’s licensing business also experienced a 9.3 per cent drop in income to contribute to the £20m hit.

On the positive side the 43-year-old experienced a boost in his media revenue, which made £8m in profit thanks to continued appearances on television and recipe book sales.In discussing what went wrong at Jamie’s Italian, Oliver revealed that he couldn’t understand the exact reasons behind the slump in sales.

“We had simply run out of cash,” he told the Financial Times. “And we hadn’t expected it.

“That is just not normal, in any business. You have quarterly meetings. You do board meetings. People supposed to manage that stuff should manage that stuff.

“I had two hours to put money in and save it or the whole thing would go to shit that day or the next day. It was as bad as that and as dramatic as that.”

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