Jamie Oliver Enterprises reports losses of almost £20m

Jamie Oliver Enterprises Ltd, the restaurant arm of the chef's empire, has posted results for the year ending 31 December 2017, showing losses of £19.9m.

During the period, the group's restaurant revenue declined by 10.8% to £100.6m. EBITDA fell by 78.4% to £2.1m before exceptional items, down from £9.7m in 2016.

Total revenue across the group’s companies fell by 7% to £142.3m, and overall EBITDA dropped 25.5% before exceptional items to £16.8m.

Oliver has sunk £12.7m of his own money into the firm - £10m alone to keep Jamie's Italian afloat - and this was supplemented by £37m of loans from HSBC and subsidies from other companies within the group.

The other brands include Barbecoa - one site left in St Paul's, EC4, Jamie Oliver's Diner - down to one at Gatwick Airport, and Fifteen in Hoxton, N1. Barbecoa was closed and then immediately bought back by a new Jamie Oliver company called One New Change Ltd.

However, Jamie Oliver Holdings, which represents Oliver's TV work and book publishing, brought in revenues of £32m, up from £30m the previous year, and EBITDA of £8.1m, a rise of £45.1%.

Paul Hunt, chief executive of Jamie Oliver Group, said, “The last 18 months have clearly demonstrated the importance of having a diversified portfolio. The success of our media business, driven by the stellar performance of 5 Ingredients was fundamental to our ability to support the restaurant business and ensure its continuity.

“With a reshaped restaurant estate, a new management team, and a focused investment plan backed by HSBC, we are making steady headway in a challenging market.

“Every commercial partnership needs to deliver on two counts. It needs to be commercially successful but it must also help us deliver on Jamie’s long term goal to reduce childhood obesity. The work we’ve done in 2017 helps us, as a business, to move towards that ambition. I would like to thank all our staff and partners for their continued support.”