Yesterday, Jamie Oliver announced the devastating news that his eateries would be permanently closing.
Now, experts have revealed that Jamie Oliver’s chain of restaurants were never financially successful, with one expert claiming that the celebrity chef “should have hit the panic alarm years ago.”
WATCH! Hospitality expert responds to Jamie Oliver’s restaurant chain collapse
According to the Daily Mail, Jamie Oliver’s restaurant empire was at a £29million loss in 2017, that’s almost $53 million in Australian currency.
The publication also reports that in the whole seven years that the restaurants were running (2009 – 2015) the company netted a meagre £24million (nearly $45 million).
Despite Jamie’s Italian’s high turnover rate of almost a quarter of a billion pounds between 2008 and 2017, the restaurant still made a net loss of £15million over the same period.
Director of the Centre for Retail Research, Professor Joshua Bamfield, told MailOnline that at no point was Jamie’s restaurant buisness a success.
“There’s no evidence it was ever a successful business. On the basis of these figures, they should have been hitting the panic alarm four to five years ago.”
Bamfield continued: “It looks like reckless expansion – from the time they hit £100m, profits are threadbare and then they’re negative. Really there’s no justification for the continued expansion after 2014.”
Related stories
Native ad body.
Native ad body.
5 Christmas tree trends you HAVE to try this year
Native ad body.
