Jamie Oliver Restaurant Group puts Barbecoa sites up for sale

13/02/2018 - 07:00
Following last week’s confirmation that 12 Jamie’s Italian sites are to be closed down, Jamie Oliver’s restaurant portfolio is set to shrink further as the chef’s two Barbecoa steakhouses were put up for sale yesterday (12 February).

Specialist hospitality property adviser Christie & Co was instructed by Jamie Oliver Restaurant Group to bring to market both Barbecoa restaurants in central London.

The sites, situated in One New Change and Piccadilly, are both capable of seating over 250 diners.

Christie & Co said its expects the restaurants, which will be sold unbranded, will attract international interest given their locations.

“We expect interest from both UK and overseas investors looking to take advantage of the opportunity to acquire such prestigious sites in the capital,” said senior director, Simon Chaplin.

On Friday (9 February), Jamie’s Italian creditors voted in favour of a Company Voluntary Agreement (CVA) that will see a dozen under-performing sites shut up shop.

The casual dining chain has racked up debts of £71.5 million and owes staff £2.2m, according to The Sun on Sunday, which claims to have seen High Court documents outlining the worrying figures.

The company, founded in 2008 by Oliver and his chef mentor Gennaro Contaldo, made losses of £9.9m in 2017, a year in which six sites were closed.

In a statement released on Friday regarding the CVA, the restaurant group said: “We are pleased to have received the overwhelming support from our creditors for our proposal to reshape Jamie’s Italian restaurants.

‘We have a strong brand and are focused on continuing to deliver the levels of service, taste and the experience our loyal customers deserve. ‘We are working hard to ensure that our estate is fit for the current trading environment and we feel confident that this newly shaped business will provide strong opportunities for growth and profitability. ‘We feel confident this newly shaped business will provide growth and profitability.”

The Barbecoa sites are available individually on long leases and offers are now being invited, said Christie & Co.

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