The indebted chef goes under

Via Domainfax:

Jamie Oliver’s dream of buying back the farm in Australia is over.

The Jamie Oliver Restaurant Group (Australia) Pty Ltd collapsed on Monday, with the company being placed in the hands of voluntary administrators less than 12 months after the British celebrity chef visited Australia to relaunch the six local restaurants bearing his name.

…The collapse comes just weeks after the depth of The Naked Chef’s global financial woes emerged. Oliver’s businesses have been struggling to restructure their way out of debts of £71.5 million ($126 million).

You can’t eat debt.

Comments

    • Standard hospo play…
      They rack up the debt, suck out all the cash they can and squirrel it away where no one can find it
      They then rack up more debt and repeat until finally they go under owing suppliers, staff and useful idiots stacks of $$ that they can never recover.
      It should be first recipe in his cookbooks.

      • ErmingtonPlumbingMEMBER

        Hit the nail on the head.
        A standard MO for anyone wanting to leverage as much as possible, of that fleeting thing,…..fame & celebrity.
        Will there ever be, a shortage of Star struck “investors” to rape, and walk away from?

    • The rent is too damn high – I would have thought…

      Curious to see Herpstons Bloomin’thal monstrosity on the Yarra – how long’s that going to last.

      Let that be a lesson to anyone else: you don’t set up a culinary experience at the ass end of the universe. There are other kinds of experiences that happen around asses, but culinary ones, they aren’t.

    • Likely the same as most chiefs, they just put their name to something, yet most of it is funded externally by wealthly wanker mates, sorry wealthly wanker x mates.

    • This has little to do with JO. He is no more than a face/brand and part-time consultant to the restaurants that bear his name. His personal fortune is untouched.

  1. Been at one… it is a miracle it survived this long.
    Doubt there were many returning visitors.
    If these were opened along the northern syd beaches they had a fighting chance…

    • boomengineeringMEMBER

      Djenka, went to Garfish at Manly with the missus a few years ago and asked if they took a certain card which they did not so we took if real easy and ordered half a lobster but a whole one came,I though we would be washing up. The bill came to well over $400 which I just scraped in with cash They didn’t get much of a tip. Maybe a blessing because we ate less than half of what we would normally eat. No alcohol either.
      They must be racking it in as there are a lot of tables and it’s always full.

      • boomengineeringMEMBER

        We used to eat like horses then, can’t remember what else we had. Both trying to curtail the extreme gluttony these days ended up in Fish Cafet in Manly instead,atm,

      • @ Boom Ing.
        Just this Sunday I ate twice at Dee Why at the beach and it was pricey in comparison to most places in the main metro area but not overly pricey. Most places were almost full but tables were available, at least until 19:00h when I left. It stil felt like value for money (pricing similar to JO)
        My JO experience felt like overpriced, overrated, about average hipster place.
        Not that I hold high esteem of JO’s cooking prowess (“…and add a pinch of sugar” into everything – kind of cooking)

  2. “… Oliver had “begged landlords of his underperforming restaurants to cut rents in an attempt to stop the chain going bust”, according to The Sun on Sunday.”

    That old chestnut…

  3. TailorTrashMEMBER

    Lovely Jubbly ……..a little drizzle of olive oil on that debt salad……pukka tukka …….wicked!

  4. But, but , but according to our Sco Mo, MT, Lowe, ABS and the NAB business survey we are in the middle of a massive boom!

    • Mining BoganMEMBER

      I have been forbidden to talk about him! Lovey’s family and friends know him. Every time he’s on the telly or mentioned I go chapter and verse on his crimes and his forfeiture of the right of walking the streets in safety. Doesn’t go over well.

      Guess I’ll never get an introduction…

  5. For what they were charging, customers expected Jamie Oliver to be preparing their food, not some 457 cookery graduate.

  6. We need more imigrants to eat his food. There needs to be a fast tracked visa that has a condtion that all imigrants need to eat only at his restraunts. that will fix it.

  7. Here in Canberra, the RiotACT carried the story about Jamie’s abrupt closure. The comment section mirrors what’s been said here; expensive tiny portioned crap served by less than ordinary staff. Looks like a consistent business model Australia wide.

    • Pay for No Service?! Whoocoodanode that out of Australia there comes a new Economic Model: No Services Economy.

  8. Amazing that they would rather go bankrupt instead of demanding that immigration be cut hard (which would put more money into the pockets of diners).

  9. St JacquesMEMBER

    He must of forgotten to spice up his business with the one indispensible ingredient for success in Oz: sub-minimum wage immigrant labour. He should have asked most of the restaurants and servos out there how to exploit this magical source of business vitality.