All of celebrity chef Jamie Oliver’s restaurants have been sold off following the collapse of his restaurant group earlier this year.
Property agent Christie & Co confirmed that it had completed the sale of all 20 sites it had brought to market around the UK, from Glasgow to Brighton, with seven sites in London.
KPMG was called in as administrator of Jamie Oliver Restaurant Group (JORG) and its subsidiaries Jamie’s Italian, Jamie’s Italian Holdings, One New Change and Fifteen restaurant in May.
Simon Chaplin, senior director at Christie & Co said: “Many of these sites are in prime locations within key towns and cities, which helped attract a wide variety of operators and bids. We are therefore pleased to have achieved a positive outcome for the joint administrators.”
Oliver’s ailing business went into a Company Voluntary Arrangement (CVA) with its creditors in February 2018 and closed 12 of the 37 sites in then operated before it finally went into administration this year.
This August, documents published by KPMG revealed that Oliver’s media company Jamie Oliver Holdings Limited (JOHL) provided secured loans totalling £18.3m (€19.9m) to try and keep JORG afloat and is now likely to suffer a shortfall of £16m (€17.4m. In addition to that, it also provided guarantees of £4.7m (€5.1m) to HSBC bank which have since been paid out and has further unsecured intercompany loans of £3.5m (€3.8), potentially leaving Oliver’s surviving company out of pocket to the tune of £24.2m (€26.3).
Meanwhile, HSBC provided secured debt totalling £39.4m (€42.9m). KPMG said it “will likely not receive any distributions in the administration”.