May 18, 2024

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Jamie Oliver requires payday strike as cafe collapse eats into gains



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Jamie Oliver has endured a drop in income from his organization ventures as the collapse of his restaurant chain continues to acquire its toll.

Pre-tax gains at the movie star chef’s group of companies dropped to £7.1m in 2019, down 9 per cent on the former 12 months.

Browse far more: Jamie Oliver baggage £5.2m payday irrespective of restaurant chain collapse

Turnover dropped just over five for every cent to £38.8m, in accordance to recently-filed files.

It follows the collapse of the Jamie’s Italian restaurant chain, which fell into administration in Might 2019 with the reduction of 1,000 positions.

In full 22 restaurants shut down, with only three internet sites at Gatwick Airport and intercontinental outlets remaining open up.

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Jamie Oliver Group suffered a strike of £5.9m because of to administration prices and its effect on the restaurant group’s global arm.

Jamie’s Italian was just one of a variety of substantial avenue cafe chains, which include Carluccio’s, Byron and Gourmet Burger Kitchen, to suffer closures amid difficult level of competition in the informal eating sector.

Oliver injected millions of pounds in a bid to preserve the enterprise, which includes £6.7m of financial loans.

Complete dividends compensated by the firms totalled £4m, down from £5.2m the previous calendar year.

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In its report, the Jamie Oliver team stated the key driver of profitability for the business enterprise was the achievements of new cookbook titles and Tv reveals.

The company has an in-dwelling generation unit and holds distribution contracts with Channel 4 in the Uk and Fremantle overseas.

Oliver also generated “stable” income from endorsement contracts, including Tesco and Tefal.

The write-up Jamie Oliver will take payday strike as restaurant collapse eats into gains appeared 1st on CityAM.