BusinessBusiness RecoveryKPMG ‘told me I was ****ed’ admits chef Ramsay

KPMG ‘told me I was ****ed’ admits chef Ramsay

Big Four firm advised Gordon Ramsay Holdings to go into administration after ill-fated global expansion

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.

Further reading:

Gordon
Ramsay fined over late accounts

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