The collapse of Jamie Oliver’s restaurant chain cost Mancherster Council £90,000 according to a report in this morning’s Times newspaper
Documents published by KPMG, which is managing the chain’s insolvency, show that unsecured creditors, including 19 councils, will see more than 90 per cent of the cash they are owed wiped out.
In total Jamie’s Italian owed local authorities £1.44 million in unpaid business rates and taxes when it collapsed in 2019. This is in addition to the £1.25 million that it owed to the taxman in unpaid VAT.
KPMG’s latest progress report on the administration estimates that less than £600,000 will be recovered from the business to return to unsecured trade creditors, such as councils and small businesses. Jamie’s Italian owed these creditors £6.86 million.
The documents show that Jamie’s Italian had total debts of more than £80 million when it closed down, with the majority owed to banks and Jamie Oliver’s holding company.
Oliver, says the paper, is reported to have a fortune of more than £200 million while his holding company, which runs his publishing business, reported a profit of nearly £7 million last year.
