. JamieOliver spent $16.5 million to save his failing business. Here's what it taught him.
Chef and businessman Jamie Oliver speaks onstage at the Edelman seminar during the Cannes Lions International Festival of Creativity on June 23, 2015 in Cannes, France.Celebrity chef, bestselling author and restaurateur Jamie Oliver has his fingers in plenty of pies. But like most serial entrepreneurs, he's been burned a fair few times.. But his greatest setback came in 2017, with the near collapse of his restaurant chain, Jamie's Italian. Oliver had to pump £12.
Part of that push to be first saw Jamie's Italian expand rapidly, reaching 40 U.K. outlets at its peak. High rents, increasing food costs and rising wages quickly made many of those locations unprofitable and contributed to company debts of £71.5 million. To keep the business afloat, Jamie's Italian has since had to close 12 branches and cut around 600 staff, according to media reports.3. People are essential
That's common for entrepreneurs, particularly celebrities. However, media reports about Jamie's Italian raised questions about the suitability of those he appointed, hurting Oliver's reputation in the process.By the time Jamie's Italian was set up, he already had an established following from his TV shows, cookbooks and flagship restaurant that hires underprivileged teenagers, Fifteen. Yet that did not lead to guaranteed success for his new venture.
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