Jamie Oliver has said he “hasn’t lost faith” in the restaurant industry as he pushes ahead with plans to open a new restaurant, four years after the collapse of his high street chain.

The celebrity chef recently announced plans to open a new landmark restaurant in London’s Theatre Royal on Drury Lane this October.

Speaking to The News Agents podcast yesterday (19 July), Oliver attributed the collapse to a 40% hike in business rates and a decline in punters hitting the high street.

“We probably signed rents 20% over the odds, our rates went up 40% in two years [and] high street decline was about 16%,” Oliver said.

In 2019, Oliver’s eponymous restaurant chain entered administration with 22 site closures, owing creditors £83m.

The chef said the closures were “utterly devastating” but hasn’t “lost faith” in the sector.

The new restaurant will be more upmarket than previous ventures, according to Oliver.