The collapse into administration of celebrity chef Jamie Oliver’s restaurant business saw the pre-tax profit of his media, franchising and licensing business almost halved in 2018, new figures have revealed.
Financial results for the year to 31st December 2018 covering the chef’s media and franchising interests showed a fall in turnover to £43.5m (€49m) in 2018, down from £46.2m (€52.1m) in 2017.
Meanwhile, pre-tax profit fell from £14.4m (€16.3m) in 2017 to £7.8m (€8.8m) in 2018 after the company paid out £9.9m (€11.2m) in exceptional items in a bid to shore up the restaurant group.
Most of Oliver’s UK restaurants were closed after Jamie Oliver Restaurant Group appointed administrators in May, with the loss of 1,000 jobs.
Nonetheless, the media, franchising and licensing business saw 12 more franchised restaurants open last year, taking its total restaurant portfolio to 62 sites. It also secured contracts for Oliver to promote Tesco and create new branded products for oil company Shell’s UK service stations.
The company paid out a dividend of £5.2m (€5.9m), down from £8.6m (€9.7m) in the previous year.
Jamie Oliver Holdings CEO Paul Hunt described the results as “resilient”. He said: “We are a commercial business with social purpose running through everything we do. We have emerged from the past six months with complete clarity around our vision and values, as well as a renewed focus on what we want to achieve in the coming years.”