Jamie Oliver and Wife Cut Dividends by two-thirds in 2023

Celebrity chef Jamie Oliver and his wife, Jules, have reported a significant reduction in their personal dividends, taking home £2.5 million last year, a decrease of nearly two-thirds from the previous year. This drop comes as their company, Jamie Oliver Holdings (JOH), faced a 37% decline in profits, totaling £3.4 million, despite a 14% increase in sales to £27 million. The rise in operating expenses, particularly staff costs and the expenses associated with their first directly owned restaurant, Jamie Oliver Catherine St, contributed to the profit decline. The financial figures encompass a range of Oliver's business interests, including media ventures, endorsements, and franchise income from international restaurants. While royalties and licensing income accounted for the majority of JOH's turnover at £18.4 million—up over 13% year-on-year—sales from international franchise restaurants saw a slight dip, totaling £3.6 million. However, the new Catherine Street restaurant has shown promising early sales, exceeding £335,000 within its first two months. Despite the reduced personal dividends, the broader group, including their licensing business, paid a total dividend of £7.75 million, an increase from £6.8 million the previous year. The Olivers opted to retain £5.25 million within the company. Notably, JOH reaffirmed its B Corp status this year, emphasizing a commitment to balancing profit with social and environmental responsibilities, under the leadership of CEO Kevin Styles.