Jamie Oliver Aussie Group Collapses, Restaurants Sold
Jamie Oliver’s Australian Restaurant Group has fallen into voluntary administration, just over a year after the celebrity chef purchased six self-named local restaurants from another failed company in March 2017.
According to smh, The Jamie Oliver Restaurant Group (Australia) Pty Ltd collapsed yesterday, following several months of speculation. Oliver’s Canberra restaurant reportedly closed immediately.
Courtesy of a last-minute sale to QLD-based Hallmark Group, Jamie Oliver’s five remaining sites – in Sydney CBD, Parramatta, Perth, Adelaide and Brisbane – will continue to operate.
As per recent reports, Oliver’s UK business is facing significant debts. According to The Sun, Oliver has urged landlords to slash rents, in a bid to buoy under-performing restaurants.
Oliver’s UK business has reportedly entered into a company voluntary arrangement (CVA), in a bid to reverse its fate via trading.
The company’s recent financials reflect a loss of £9.9 million [pre-tax], with sales down ~3%, and revenue notching £112 million.
Jamie Oliver’s Australian arm has thus far avoided media comment, concerning the local impact of its UK performance.
According to smh, Jamie’s Italian Australia COO, Ben Shaughnessy and Director, Paul Devlin, met with KordaMentha advisors on March 22nd, to discuss a sale, and failing that, possible insolvency options.
By April 11th, a voluntary administration was underway.
A PR representative for Jamie’s Italian Australia has reportedly announced Hallmark as “a new operating partner”.
A spokesperson asserts Australia has remained one of Oliver’s best performing markets, while adding Hallmark is “actively seeking” new locations for Jamie’s Italian.
Jamie Oliver’s cookware and kitchenware range is locally distributed by several organisations including [but not restricted to]; Tefal, Viva Foods, DKSH and Merison.