Celebrity chef Jamie Oliver has lost £25 million following the collapse of his Italian restaurant chain, which also resulted in the loss of approximately 1,000 jobs. The closure of 22 out of 23 restaurants in May left creditors facing £83 million in losses.
Oliver personally contributed £1 million to cover staff wages, but this only scratches the surface of his overall losses. His personal holding company, Jamie Oliver Holdings, injected £18.3 million in secured loans into the business, of which only £2 million is expected to be recovered.
HSBC, a major creditor, provided £39.4 million in secured debt and will shoulder nearly half of the total £83 million losses. Oliver paid the bank £4.7 million from his personal account.
The chain, founded in 2008, expanded to 40 outlets but began struggling in 2017, closing six branches. By May, it had accumulated £71.5 million in debt, with Oliver stating the business had 'simply run out of cash'.
Employees at Oliver's flagship Birmingham restaurant claimed they were sacked by email just 30 minutes before the company announced its collapse. One worker expressed anger, saying, 'Jamie won't be the one looking for a job and struggling to pay his bills.'
Despite these losses, Oliver, who has an estimated net worth of £240 million, continues to own properties including a £6 million mansion in Essex and an £8.9 million home in Hampstead.
