Jamie Oliver Restaurant Group has called in administrators, leading to the closure of all Jamie’s Italian sites except for the three sites at Gatwick Airport, Barbecoa and Fifteen London.
The group had sought to secure additional investment into the business, with Jamie Oliver putting in an additional £4m to support the fundraising. However, with no suitable investment forthcoming and in light of the difficult current trading environment, the directors decided to appoint administrators.
The closures have led to the loss of 1,000 jobs.
The international restaurants will continue to trade as normal, as will Fifteen Cornwall, as a franchise.
“The current trading environment for companies across the casual dining sector is as tough as I’ve ever seen,” says Will Wright, partner at KPMG and joint administrator. “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.“Unfortunately, with insufficient funds available to be able to trade the business in administration, all but the Gatwick airport restaurants have now closed. Our priority in the coming hours and days is to work with those employees who have been made redundant, providing any support and assistance they need.”