Jamie Oliver faces whopping $125 million bill
Jamie Oliver might be one of the world’s most instantly recognisable celebrity chefs, but things aren’t looking quite as good off the silver screen with the talented gastronome’s restaurants saddled with an eye-watering $125 million in debt.
The Naked Chef star is now reportedly begging landlords to cut their rental demands at his underperforming restaurants, and according to many media reports a number of his eateries are already said to be on the chopping block.
In a meeting with creditors last Friday, rent was cut by up to 30 per cent at selected restaurants, and while business will continue at 12 of his 25 UK operations, more than 450 jobs will be lost as the outlets which don’t avoid the chop.
Oliver and his wife Juliette ‘Jools’ are estimated to be worth around $260 million, and while documents show their personal assets are not at risk if the business side of things goes under, the numbers can’t be an easy read.
The firm in charge of Oliver’s restaurants said, ““We are pleased to have received the overwhelming support from our creditors for our proposal to reshape Jamie’s Italian restaurants. We have a strong brand and are focused on continuing to deliver the levels of service, taste and the experience our loyal customers deserve.”
“We are working hard to ensure that our estate is fit for the current trading environment and we feel confident that this newly shaped business will provide strong opportunities for growth and profitability.”
“We feel confident this newly shaped business will provide growth and profitability.
A company spokesman added: “The CVA approval ensures Jamie’s Italian’s great staff and suppliers can all get paid and has saved 1800 jobs.”
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