KPMG ‘told me I was ****ed’ admits chef Ramsay
01 Jun 2009, Paul Grant, AccountancyAge
http://www.accountancyage.com/aa/news/1763316/kpmg-told-i-ed-admits-chef-ramsay
Foulmouthed TV chef Gordon Ramsay has admitted that auditor KPMG told him his company was ‘****ed’ following a disastrous expansion of his restaurant empire overseas.
Gordon Ramsay Holdings broke agreements with lenders over a £500,000 overdraft and a £10million loan from Royal Bank of Scotland, with KPMG advising the chef it would be simper to put the business into administration, reports the Daily Mail.
'It was the worst b******ing ever,’ said Ramsay. ‘They [KPMG] told me I was *****d.
'We were told to go into administration, that it would be smoother for everyone. I thought of selling some of the company. My wife and I discussed selling our house.
'It's taken several million of my own money with several more million to come but I'm still standing.'
The firm found that the overseas operation was performing so badly that it was threatening the profitable UK arm and that there was an outstanding tax bill of £7.2m.
Ramsay and his father-in-law put in £5m of their own money to pay off debts and taxes and he now hopes that KPMG will give the accounts a clean bill of health , with the company expecting to bring in a profit of £7m next year.
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Visitor comments
What a shame !
So Gordon Ramsay has been found out. He's based his career to date, so it seems, on being foul-mouthed rather than on any culinary expertise and he's certainly demonstrated no business acumen. Let's hope this is good riddance to an egotistical and largely pointless individual. We should feel sorry for his employees, not him.
Posted by: John Brown , 01 Jun 2009 | 00:00
A very sad sign of the times
As kitchen nightmares shows, Ramsay shows both passion and ability for what he does.. And nobody can get several michelin stars without being a culinary superstar.
Expansion into the states has been the graveyard of too many businesses
Posted by: MikeB , 03 Jun 2009 | 00:00
The fight must go on!!!
From one restaurant owner to another it is a shame that there are so many haters out there. Restaurants are the easiest business to loss money in, just because there is a world recession do not let this knock your confidence just keep doing what you do best entertain your customers entertain your fans and sack which ever idiot is giving you bad advise and listen to yourself.
Fair play Gordon your doing well keep it up, at least your having a go!
Posted by: James , 04 Dec 2009 | 00:00