Mon, 19 Feb 2018 | BUSINESS SALE
The Jamie Oliver restaurant Group has confirmed that it is looking into selling off it Barbecoa steak restaurant chain.
The news follows reports earlier this year that the business was closing 12 of its Jamie’s Italian sites in a bid to rescue the brand through an arrangement with creditors. The chain is in over GBP70m worth of debt, according to court papers.
The celebrity chef put GBP£3m of his own cash into the business last year as it continued to face cost pressures, but savings still need to be made, it seems.
Barbecoa has two high profile central London sites, in St Paul’s and Piccadilly, and a sell-off of the two restaurants will impact 160 jobs, according to BBC reports. A spokesperson for the Jamie Oliver Restaurant Group told the BBC: "We have instructed a firm of real estate experts to ascertain the potential value and market suitability of two of our sites."
Reports from The telegraph claim that rising business rates have had a massive impact on Oliver’s restaurant business. Analysis carried out by the paper and by real estate firm Colliers, found that the total rates bill or Oliver’s restaurant empire increased to GBP7.3m from GBP5.7m the last year alone. Colliers’ John Webber, told the Telegraph: “Business rates are playing their part in the difficulties as some of the massive rises for particular restaurants show, particularly those in London.”
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