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| Version 1 | Version 2 |
|---|---|
| Jamie Oliver closes flagship Barbecoa restaurant | Jamie Oliver closes flagship Barbecoa restaurant |
| (about 2 hours later) | |
| Jamie Oliver's two flagship London restaurants have gone into administration, although the celebrity chef immediately bought one back. | Jamie Oliver's two flagship London restaurants have gone into administration, although the celebrity chef immediately bought one back. |
| His upmarket Barbecoa steak restaurant in London's Piccadilly will close a year after it was re-launched. | His upmarket Barbecoa steak restaurant in London's Piccadilly will close a year after it was re-launched. |
| The other outlet, near St Paul's Cathedral, has been saved after the chef bought it for an undisclosed sum via a newly-created subsidiary. | The other outlet, near St Paul's Cathedral, has been saved after the chef bought it for an undisclosed sum via a newly-created subsidiary. |
| The move comes as Mr Oliver makes cuts in other parts of his business. | The move comes as Mr Oliver makes cuts in other parts of his business. |
| Barbecoa St Paul's was bought back under a so-called pre-pack arrangement, which allows the purchase of the best assets of a business before it actually goes into administration. | Barbecoa St Paul's was bought back under a so-called pre-pack arrangement, which allows the purchase of the best assets of a business before it actually goes into administration. |
| The Jamie Oliver Restaurant Group was already cutting costs in other areas, despite the chef putting £3m of his own money into the business in December. | The Jamie Oliver Restaurant Group was already cutting costs in other areas, despite the chef putting £3m of his own money into the business in December. |
| Last month it announced that it was shutting down 12 of its 37 Jamie's Italian restaurants - the mainstay of the group - as part of a rescue plan with creditors that would enable it to continue trading. | Last month it announced that it was shutting down 12 of its 37 Jamie's Italian restaurants - the mainstay of the group - as part of a rescue plan with creditors that would enable it to continue trading. |
| The closure of the 12 restaurants will affect at least 200 jobs. | The closure of the 12 restaurants will affect at least 200 jobs. |
| Court documents revealed that Jamie's Italian had debts of £71.5m. | Court documents revealed that Jamie's Italian had debts of £71.5m. |
| These included: | These included: |
| However, £47m of the debts are covered by loans from HSBC Bank and Jamie Oliver's other companies. | However, £47m of the debts are covered by loans from HSBC Bank and Jamie Oliver's other companies. |
| The chain also closed down six Jamie's Italian restaurants in January 2017. | The chain also closed down six Jamie's Italian restaurants in January 2017. |
| At the time, the company said that the closures were due to uncertainties caused by Brexit and a "tough" market. | At the time, the company said that the closures were due to uncertainties caused by Brexit and a "tough" market. |
| Other British restaurant chains have been struggling in recent months. | Other British restaurant chains have been struggling in recent months. |
| In January, burger chain Byron announced that it too had entered into a company voluntary arrangement, which would mean that up to 20 Byron burger restaurants would need to close. | In January, burger chain Byron announced that it too had entered into a company voluntary arrangement, which would mean that up to 20 Byron burger restaurants would need to close. |
| 'Powerful' lessons | |
| Mr Oliver has seen several setbacks to his business in recent years. | |
| In 2017, he closed the last of his Union Jacks restaurants and also shut his magazine Jamie, which had been running for almost 10 years. | |
| In 2015, he admitted that about 40% of his business ventures had gone wrong and cost him money, but said those mistakes had taught him "powerful" lessons. | |
| Other parts of his business empire have been trading strongly. | |
| Jamie Oliver Holdings, which controls his media businesses, including books, made profits of £5.4m in 2016 (the most recent year of accounts available). | |
| Meanwhile Jamie Oliver Licensing, which makes money from ranges of products carrying his name made £7.3m. |