Jamie Oliver takes payday strike as cafe collapse eats into profits : CityAM

Jamie Oliver has experienced a decrease in earnings from his business ventures as the collapse of his cafe chain proceeds to get its toll.

Pre-tax earnings at the movie star chef’s team of businesses dropped to £7.1m in 2019, down 9 for every cent on the former year.

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Turnover dropped just about 5 for each cent to £38.8m, according to freshly-filed documents.

It follows the collapse of the Jamie’s Italian restaurant chain, which fell into administration in May possibly 2019 with the decline of 1,000 careers.

In complete 22 places to eat shut down, with only 3 sites at Gatwick Airport and intercontinental shops remaining open up.

Jamie Oliver Team suffered a strike of £5.9m because of to administration expenditures and its effect on the restaurant group’s international arm.

Jamie’s Italian was just one of a selection of high street cafe chains, such as Carluccio’s, Byron and Gourmand Burger Kitchen, to go through closures amid tricky levels of competition in the relaxed eating current market.

Oliver injected tens of millions of lbs in a bid to save the organization, together with £6.7m of loans.

Overall dividends paid out by the corporations totalled £4m, down from £5.2m the former year.

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In its report, the Jamie Oliver team claimed the key driver of profitability for the small business was the achievement of new cookbook titles and Tv set reveals.

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

Oliver also created “stable” income from endorsement contracts, like Tesco and Tefal.