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Jamie Oliver's restaurants go into administration

There's no getting around that it's been tough out there on the High Street recently. We've already seen the collapse of Patisserie Valerie and now here comes the most high-profile collapse yet. Jamie Oliver has announced that his restaurant group has gone into administration. 

25 of his restaurants are affected - mainly Jamie's Italians - but there are two high-profile restaurants too, Barbecoa (in St Paul's) and his flagship restaurant, Fifteen (the London restaurant only, Cornwall is not affected). In a later update, MCA insight confirmed via KPMG that 22 of these close with immediate effect - all except those at Gatwick - with 1000 redundancies.  

Here's Jamie on Twitter:

The group has shown signs of stress before, with the chef admitting that he sank £12 million of his own money in an earlier bid to save the group and had to shut the Piccadilly Barbecoa less than a year after opening.  

What does this mean for the celebrity chef's creditors? Well Private Eye did have this to say: 

 

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