Jamie’s Italian racks up £71.5m worth of debt
The company had its Company Voluntary Arrangement approved on Friday (9 February), which will see up to 12 restaurants close and rent cut at others by 30%.
But documents at London’s High Court showed Jamie’s Italian owes £30.2m to HSBC in overdrafts and loans.
It is also £41.3m in the red with creditors such as HM Revenue & Customs, landlords and suppliers — with staff owed £2.2m, reports The Sun on Sunday.
Balthazar Wholesale Bakery is owed £133,000, Daily Fish Supplies is waiting for payments worth £263,000 and Camden Town Brewery is owed £41,000.
Many others, such as League Two football club Crawley Town and Teapigs, are owed smaller amounts.
The documents showed Oliver’s personal assets are not at risk if the business goes under. He has put £3m into the business to help out, and his other group has loaned it £6.5m.
Legal papers blamed underinvestment, unsuitable new locations and high costs.
Article credit: Propel info