Gordon Ramsay’s Own Kitchen Nightmare: Massive Debt? [UPDATED]By: Toni Matthews-El - August 6, 2014
UPDATE: We’ve received a response from Gordon Ramsay’s spokesperson:
“This is an inaccurate interpretation of the public filings that were reported widely in the media back in May, and any claim that the company is anywhere near bankruptcy is ludicrous. It is standard for the head of the company to deliver loans to expand the business and ensure experiences remain first class, and the Gordon Ramsay Group continues to deliver a strong performance, with growth year on year.”
ORIGINAL ARTICLE: If what RadarOnline is reporting about Gordon Ramsay’s self-made empire is true, then perhaps the reality-television chef should hold off on trying to help any other restaurants stay open.
Instead, the 47-year-old celebrity might want to direct his attention closer to home.
The gossip website claims to have gotten their hands on exclusive access to company documents that show that Ramsay’s business empire is dangerously in the red.
Allegedly Kavalake Holdings and Ramsay Holdings, which together account for all of Ramsay’s business ventures and profits, report spending that exceeds earnings by millions of dollars.
In the case of Kavalake Holdings, $36.5 million in profit was reported for the 2013 fiscal year. While this number is impressive, the same company reports expenses totaling $45.8 million.
In one year, that same company declared a total of $50 million in debt for various reasons, including nearly four million dollars in legal fees.
While this matter solely focuses on Ramsay’s British culinary empire, the troubles lead to much speculation regarding the state of the celebrity chef’s restaurants around the world.
While Gordon’s television shows are very popular (he’s recently expanded from the restaurants and cooking to helping hotel owners), some wonder at the hypocrisy if these documents are true.
Is it wise to get advice about “turning one’s business” around from someone whose OWN empire is swimming in millions of dollars in debt?
Reportedly of all the restaurants that Gordon Ramsay has featured on his “Kitchen Nightmares” show, nearly 60% have closed.
Fans of Ramsay and the show say that the number would have been 100% had it not been for the show.
Even so, some troubled restaurant owners may consider as this news spreads.
Ramsay doesn’t seem to be too concerned about the family business hemorrhaging money at an alarming rate.
RadarOnline also reported that his 12-year-old daughter Tilly recently landed her own cooking show.
Image via Wikimedia Commons