Skip to main content

Gordon Ramsay Staves off Insolvency

Gordon Ramsay spoke last week spoke frankly to The Sunday Times about keeping the administrators at bay.  It is the first time he has publicly admitted that his empire came close to collapse.

Gordon Ramsay fined over late accounts / 23OCt 2008

According to a spokeswoman at Companies House, penalties incurred by Gordon Ramsay Holdings in failing to submit accounts from 2006 have reached the maximum £1,000 per year.

Accounts for the 2006 financial reporting year are almost 16 months overdue, with 30 June, 2007 listed as the due date. Company accounts for 2007 were due by 30 June ­ now almost four months in arrears, attracting a £100 fine on top of fines for the previous year.

ramsay chef gordon bankrupt

Last autumn, GRH breached covenants on its £500,000 overdraft and £10m of loans with Royal Bank of Scotland (RBS). “We went over our overdraft limit and we did not hit revenue targets,” said Ramsay.  In New York alone Ramsay was losing £2m a year, despite winning two Michelin stars.

Ramsay also revealed that he was forced to sell his Ferrari and even considered selling the family home to rescue the company.
Ramsay and business partner Chris Hutcheson have had to pump £5million of their own money into the business since January to stave off the threat of closure, brought on by over-ambitious expansion plans coupled with the economic recession. Talking about the moment when auditors drew up plans to put his firm into administration, he said: “It was the worst bollocking ever. They told me I was fucked. They said we should plan for administration, that it would be smoother for everyone.”

gordon ramsay bankrupt

The crisis erupted after GRH went over its £500,000 overdraft limit with Royal Bank of Scotland, which had already loaned the company £10 million.

In January, the bank sent in KPMG to examine the books. It then emerged that GRH owed £7.2million in taxes.
Ramsay considered selling 20 per cent of his company and the £6million south London home he shares with wife Tana and their four children.

The pair staved off administration by handing back or closing restaurants in Paris, Los Angeles and Prague, sacking a quarter of the staff at their London head office and putting in £5million of their own money

June 29, 2009 12:00am

NOT deterred by his disastrous Melbourne appearances, embattled chef Gordon Ramsay has slunk back into Australia.

The foul-mouthed chef's Melbourne visit turned into an unwieldy PR nightmare after he verbally attacked A Current Affair's Tracy Grimshaw, calling her a pig-woman, saying she needed to contact Simon Cowell's Botox doctor and insinuating she was a lesbian.

Links:

http://www.gordonramsay.com/ukrestaurants/

Comments

Popular posts from this blog

How to get a cheap Bank repossession properties ?

It would appear that repossesions are a good way to get a property under current market value, however how would you find out about them ? Is this information available to all of us ? Is the purchase any different because it's a repo ie are lenders a bit more wary ? Solutions : If it property is being reposessed the seller (mortgage company) also considers the speed of sale - if they "could" get a higher price with another buyer they will also consider how quickly the sale could go through. Therefore some latitude is given to agents in what offer is accepted (eg an agent can say that buyer "x" is well known to them and can proceed quickly. Buyer "b" offered 10k more but is an unknown quantity. Bank Repossesion Houses List Database These days repo's don't really go much cheaper we had one only 3 months ago and it went well over asking price. If you were to ask an agent to give you a call when one is available its very r...

Tips for buying Bank Repossession property

10 tips for Buying Bank acquired  Repo Property 1) Whether you’re buying a home to live in Australia or you’re buying an investment property to let out, you need to check the property in light of your expectations of it and for it.  I.e., if you’re going to be living in it, is it located in a neighbourhood that suits you, if you’re going to be renting it out, does it have the space you need, does it match your target rental market’s requirements for it? 2) Find out what the Bank value of the home is – and focus on this.  Is this a value you are comfortable paying for the property – could it be worth a lot more than the listed price? 3) Scrutinize the state of the property externally and internally.  Look at everything from the foundations to the roof, from the electrics to the plumbing.  Is there dry rot?  Termite damage?  Will you need to redecorate or renovate?  Factor in all of the extra costs you will incur if you are successful in yo...

Fashion chain Lisa Ho in Australia in administration

Who is Lisa ho ? Lisa Ho is an Australian fashion designer born in Albury, on the New South Wales and Victorian border. She is married to Philip Smouha. Wikipedia   Lisa Ho Designs is the latest Australian retailer to fall in financial trouble , with the high end fashion chain placed into administration last week.     Dressed in a black outfit, a stony-faced Ms Ho faced creditors yesterday for the first time since the business that she founded 30 years ago was placed into administration earlier this month. It is understood she did not address the creditors.   Administrators appointed for fashion house   Financial firm HLB Mann Judd has confirmed it was appointed as administrator of the high-end fashion chain last Wednesday. The administrator will sift through the company’s assets  and liabilities and look for a suitable buyer. A creditors’ meeting is scheduled for May 20, and in the meantime all 10 stores will reportedly con...