Jamie Oliver Group has confirmed that Jamie’s Italian Ltd made a £29.2m loss in the year to 31 December 2017.

The celebrity chef’s restaurant group recorded £100.6m of revenue during the period, representing a 10.8% fall compared to the prior year. Total EBITDA, pre-exceptional items ,was down 78.4% to £2.1m (vs £9.7m in 2016).

In December 2017 the balance sheet of Jamie’s Italian was restructured through the conversion of £3m of loans advanced by Jamie Oliver Holdings to equity.

Over the year, Jamie Oliver Holdings provided £7.5m of financing into the restaurant business to prevent it going into administration. Total facilities of £16.9m have been provided to date.

In the international business, 12 sites were opened, taking the portfolio to 58, while the Australian arm was handed over to Hallmark to run.

Across the wider group total revenues were down 7% to £142.3m, while EBITDA, before exceptional items, decreased 25.5%, to £16.8m. However, Jamie Oliver Holdings, which represents the chef’s media interests, achieved EBITDA of £8.1m, pre-exceptional costs - an increase of 45.1% on the previous year.

In total, Jamie Oliver Group companies reported combined losses of £19.9m during the period (vs a profit before tax of £0.7m during 2016).

Group chief executive Paul Hunt said: “The last 18 months have clearly demonstrated the importance of having a diversified portfolio. The success of our media business, driven by the stellar performance of 5 Ingredients, Quick & Easy Food, was fundamental to our ability to support the restaurant business and ensure its continuity.

“With a reshaped restaurant estate, a new management team, and a focused investment plan backed by HSBC, we are making steady headway in a challenging market.

“Every commercial partnership needs to deliver on two counts. It needs to be commercially successful but it must also help us deliver on Jamie’s long term goal to reduce childhood obesity. The work we’ve done in 2017 helps us, as a business, to move towards that ambition.

“I would like to thank all our staff and partners for their continued support.”

In February of this year, the group’s creditors agreed a Company Voluntary Arrangement (CVA) scheme, which saw 12 restaurants close.

Oliver said in an interview last month that his restaurant group “simply ran out of cash” after senior management were faced with the “perfect storm” of cost pressures.

He told the FT at the time: “We had simply run out of cash. And we hadn’t expected it. That is just not normal, in any business. You have quarterly meetings. You do board meetings. People supposed to manage that stuff should manage that stuff…

“I had two hours to put money in and save it or the whole thing would go to shit that day or the next day. It was as bad as that and as dramatic as that.”

On what went wrong, he said: “I honestly don’t know [what happened]. We’re still trying to work it out, but I think that the senior management we had in place were trying to manage what they would call the perfect storm — rents, rates, the high street declining, food costs, Brexit, increase in the minimum wage. There was a lot going on.”