Gateley Served Mandate On Jamie Oliver Restaurants Collapse
Around 1,000 jobs are expected to be lost as part of the administration process.
May 21, 2019 at 12:10 PM
2 minute read
Gateley has picked up another mandate for a high street restaurant chain, this time advising on the collapse of Jamie Oliver's restaurant business.
A Gateley team led by Birmingham-based restructuring partner Dan French is advising administrators KPMG.
The team will oversee the administration of the celebrity chef's companies including the Jamie Oliver Restaurant Group and its subsidiaries, which include Jamie's Italian, Jamie's Italian Holdings, One New Change and Fifteen Restaurant.
The administration will result in about 1,000 redundancies across the network. All but three of the group's 25 restaurants will close.
Will Wright, partner at KPMG and joint administrator, said in a statement: "The current trading environment for companies across the casual dining sector is as tough as I've ever seen. 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."
In January, Gateley was appointed to oversee the administration of Patisserie Valerie, which hit financial difficulties after its parent company discovered a £40 million accounting black hole last autumn.
Other high street restaurant chains to have faced financial difficulties in the last year include burger chains Gourmet Burger Kitchen and Byron, which filed for company voluntary agreements last year, while Gaucho steakhouse filed for administration.
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