Jamie's Italian bailed out by parent company as trading gets tough

 
Helen Cahill
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Jamie's Italian said in January that Brexit had made trading more difficult (Source: Getty)

The parent company of Jamie's Italian has been forced to bail out the restaurant chain after it struggled with cash shortages.

Jamie Oliver Restaurant Group has handed a short-term loan to Jamie's Italian, and Alix Partners has been brought in to devise a turnaround strategy for the business.

Read more: Jamie's Italian to slim down with restaurant closures

The celebrity chef's restaurant business started slimming down at the start of 2017 when it announced the closure of six UK restaurants, saying the Brexit vote was weighing on the firm.

In a statement released today, Jamie Oliver Restaurant Group said it had been taking further steps to support the group due to tough trading conditions on the UK high street.

The firm has shaken-up its management team, bringing in Jon Knight, who formerly managed the international business, to lead the group. Knight opened 18 overseas restaurants this year, and there are plans for further partnerships in 2018.

The group said the external consultants will also help steer the business through its next phase.

"The Jamie Oliver Holdings Group has provided a short term company loan into the business to support it through the tough trading environment and our programme of capital expenditure to ensure we fully maximise all our opportunities," the Jamie Oliver Restaurant Group said.

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