Debts mount at Ramsay’s restaurants

The latest set of accounts for Gordon Ramsay’s restaurant empire showed a
fall in profits of 87% last year and a quadrupling of debt.

Four of Ramsay’s restaurants closed between December 2007 and January 2009,
as the restaurateur became increasingly stretched, trying to cover mounting
bills with less revenue.

During the year he owed £2.9m of taxes and social security costs to HM
Revenue and Customs and more than £5.5m to suppliers, according to

But Ramsay says he has attempted to turn things around with a cash injection
of £5m and the closing of some overseas ventures.

His flagship restaurant also fell off the list of the 50 best restaurants in
the world.

Further Reading:

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