Jamie Oliver’s restaurant business racks up $125m in debt

Jamie Oliver.WORLD renowned chef Jamie Oliver’s company has cooked up more than $125 million in debt, with his Italian restaurant chain forced to shut down a number of its eateries.

The TV star begged landlords to cut his rent at a number of his underperforming restaurants to avoid his business going bust.

In a crucial meeting on Friday, his creditors voted to cut rent at some restaurants by 30 per cent.

The Company Voluntary Arrangement means the firm can still trade but 12 of 25 sites in the UK will shut with 450 jobs lost as the business undergoes a massive restructure.

Oliver also has 28 restaurants overseas, including a number in Australia, but at this stage it is understood they will not be affected.

High Court documents, obtained by The Sun, revealed Jamie’s Italian Limited owes about $53 million (£30.2million) to financial services company HSBC in overdrafts and loans.

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