Jamie Oliver received a £5.2 million payout from his companies last year, despite the collapse of his restaurant chain. The celebrity chef's Jamie Oliver Group reported an underlying profit of £17.8 million in 2018, but profit before tax nearly halved to £7.8 million after a £9.9 million hit from exceptional costs related to the restaurants.
The restaurant business, which included Jamie's Italian, Barbecoa, and Jamie Oliver's Diner, underwent a hefty restructuring in 2018, closing several sites. Despite a personal cash injection of £13 million from Oliver, the efforts failed, and the group went into administration in May 2019, resulting in the closure of all UK stores and the loss of 1,000 jobs.
Oliver, as the ultimate controlling party, received a £3.2 million dividend from the licensing firm and a £2 million payout from the parent company, totalling £5.2 million, down from £8.6 million the previous year. He admitted spending £25 million trying to rescue the restaurant business.
Jamie Oliver Holdings CEO Paul Hunt said the group's strength allowed it to 'weather the challenges of 2018'. Revenue declined slightly, but new long-term contracts were secured, including a partnership with Tesco and a £5 million tie-up with Shell. The company is committing to a 2030 goal of reducing childhood obesity and seeking B Corp status.
Debts from the collapsed restaurant group, estimated at £15.8 million, have been transferred to the international Jamie's Italian business, which the company believes are recoverable due to brand performance.
