The creditors of TV chef Jamie Oliver’s collapsed restaurant empire are to lose most of the £80m (€93.9m) they are owed, it has emerged.
A progress report published by Jamie Oliver Restaurant Group’s administrator KPMG revealed that secured creditors face a “significant shortfall”, while a dividend for unsecured creditors is “highly unlikely”.
Among the secured creditors were HSBC bank, while Oliver’s own holding company is owed a total of £57.7m (€67.8m) and is now expected to lose most of that amount. Oliver is also among the company’s unsecured creditors as one of its principal shareholders.
Most of Jamie Oliver’s 22-strong chain were closed in May last year when the administrators were called in, with the loss of around 1,000 jobs. Three sites at Gatwick airport were sold to catering company SSP for £550,000 (€646,000), with six leases on other former Jamie’s Italian sites sold for around £1.5m (€1.8m).