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Brakes owed PS864k in Jamie Oliver chain collapse.

Foodservice giant Brakes was owed PS864k when Jamie Oliver's restaurant chain collapsed in May.

The figure was revealed this week in a report from administrators KPMG. In total, creditors have been left facing losses of PS83m.

Brakes Bros is the single largest trade creditor in the process and was owed PS787.3k at the time of the collapse, according to the report. Brakes Consumables is separately listed and owed PS70.3k, while Oliver's upmarket steak restaurant Barbecoa owes the distributor over PS10k.

At the time of the collapse, it was reported Brakes could seek recompense via personal guarantees given it and HSBC, which provided PS39.4m in secured debt against the 23 restaurants.

This week Brakes refused to comment on whether these guarantees were in place or if it would be pursuing them.

Other trade creditors include Direct Meats and Direct Seafoods, which were owed PS221.5k and PS102k respectively from Jamie's Italian and another PS40.5k and PS9k from Barbecoa. Drinks group Matthew Clark was owed PS168.3k, and Liberty Wines PS123.3k.

The chain's staff will receive all the PS360k owed in unpaid wages, benefits and holiday pay.

The administration report documents also shows SSP Group paid PS550k for the three Gatwick-based outlets it rescued from the administration process. Oliver reportedly lost PS25m as a result of the chain falling into administration on 21 May, closing 22 restaurants overnight and leaving 1,000 employees out of work. This is in addition to the PS12.6m he injected into his business in 2017 to save it from bankruptcy after racking up debts of PS71.5m.

Oliver last featured on The Sunday Times Rich List in 2017, when his net worth was estimated at PS150m.

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Publication:Grocer
Date:Jul 27, 2019
Words:285
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