Gordon Ramsay Sells His Ferrari In Debt Crisis

by Deidre Woollard (RSS feed)
May 31st 2009 at 7:01PM

An article in the London Times has celebrity chef Gordon Ramsay finally speaking out on his financial troubles. Ramsay, never one to mince words, called the news that his accountants wanted to put his business into administration and that he owed more than £7 million "the worst bollocking ever." In January auditors from KPMG found that Gordon Ramsay Holdings was losing millions and they wanted to take control of Ramsay's restaurant empire.

Ramsay admits now that he expanded too quickly opening 10 restaurants in 10 months last year. At the height of the crisis he considered selling up to 20% of the company and his £6 million London home. He did end up selling his Ferrari and managed to right the company by firing some staff, selling some restaurants and he and his business partner Chris Hutcheson, his father-in-law put £5 million of their own money into the business. Ramsay is hoping that KPMG will give his company a clean bill of health, finally putting an end to what he terms "the worst year of my life." Sounds like a true kitchen nightmare.

Ramsay wasn't the only British celebrity chef to have a bad year. Antony Worrall Thompson's company AWT Restaurants Ltd. went into administration in February 2009. Last fall Tom Aikens one of London's handsome and temperamental Michelin starred chefs ran into trouble when he could not pay his suppliers. Ramsay seems to have avoided their fate for now and perhaps his recent humbling will help shift his focus from the fame and back to the food.

Gallery: Restaurant Woes

Tags: debt, ferrari, gordon ramsay, GordonRamsay, restaurants

Filed under: Dining

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Reader Comments (Page 1 of 3)

kh Jun 2nd 2009 12:30AM

is THIS what's wrong with that guy who cooks?? he need a hem-eez? now that's just too funny, heh heh heh.

somebody else mentioned hot dogs. now that sounds good.. a little brown mustard, a little diced purple onion, some really cold lemonade. yum. we don't need that guy and his 'rhoids/ferraris... we all just need a hot dog!

tonashideska Jun 1st 2009 1:56AM

Do they still have debtors prisons in england?

Evelyn Guzman Jun 1st 2009 8:44AM

Poor Gordon Ramsay had to sell his Ferrari! Don't pity him because he's still in a better position than 99% of us. That £6 million London home of his must have golden faucets. And he can still eat at any of his restaurants while we poor folks make do with hotdogs and such.

Evelyn Guzman
http://www.debtchallenges.com (If you want to visit, just click but if it doesn’t work, copy and paste it onto your browser.)

Jim Jun 1st 2009 1:09PM

The funny thing is that apparently he bought a new Ferrari right after he sold this one. I don't think his was selling the Ferrari to save his company...that would be a drop in the bucket.

lol Jun 1st 2009 8:22PM

living beyond your means & being greedy...oh, well....too bad for the ferrari!!!! yea, right

Maggie Jun 1st 2009 8:43PM

NOW WHY WOULD ANYONE CARE TO HEAR THIS? THIS IS A PERSON WHO SCREAMS AND YELLS AT EVERYONE ON THE SET AND YOU WANT US TO FEEL SORRY FOR HIM? NO CHANCE HERE INFACT I'M PLEASED HE'S IN THIS SITUATION SERVES HIM RIGHT FOR BEING SO FRIGGEN MEAN.

Allison Jun 2nd 2009 12:09PM

Off camera, Gordon is not mean. He does not scream, cuss, and throw things at anyone like he does on Hell's Kitchen (USA). That's all for show. It's all scripted. In his restaurants he is demanding but he demands the best as he pays for the best. If he loses his temper with his staff, his staff deserved it. Lay off him, you donkey!

Pamela C Jun 2nd 2009 1:14PM

Wow... EXACTLY what I thought!

Pamela c Jun 2nd 2009 1:18PM

I say that inagreement with you, Maggie

Wild Irish Rose Jun 2nd 2009 5:27PM

Then don't read, watch, listen!!! Don't you get it? No one's shoving this down your throat, and I don't understand why it upsets you so much. I don't think anyone said you should feel sorry for him, and why would anyone care to hear this? Maybe because some people have different opinions than you do. Is that wrong?

John Markley Jun 1st 2009 8:46PM

I can tell that your attitude towards people is genuine.
You deserve to loose everything!

Sheila Jun 2nd 2009 12:25AM

The word is lose, not loose!

michael lujan Jun 1st 2009 9:02PM

Ha!
Just desserts! He's an inflated egotistical prat!
Go away! Kick him out! We did it in 18th century and we can do it again in 21st!
M.L.

Bob Jun 1st 2009 9:47PM

This guy is a real prick and he deserves whatever comes his way. His temper tantrums are well known and documented. He's probably already figuring out how to weasel out of this mess by hurting "poor working slobs" that have slaved under him. "Hey Chef, don't let the door hit you in the ass on the way out of the TV studio door."

henri Jun 1st 2009 9:58PM

i'm pretty sure he'll be right back looking for another ferarri once his finances are in the clear. by the way, check this out!
http://www.points2shop.com/index.php?ref=uin1240729060

marley Jun 1st 2009 10:43PM

Everybody is complaining about Gordon, so I guess quite a few of us watch his shows. I think he's the guy everyone loves to hate. It makes his shows very successful. Can't wait for the next episode. Anyone who would wish ruin on someone is the one who is sick in the head.

Joe curtian Jun 1st 2009 10:45PM

Wah Wah Wah, Cry me a river. If Ramsay exercised the slightest bit of fiscal responsibility he would not be in this position. He has let his greed get in the way of sound judgment.

The "Doctor" Jun 1st 2009 11:01PM

And all of this, just because he will not serve ketchup in his restaurants!! Now, if he served Heinz Tomato Ketchup then more would be in his restaurants so he could make more money. LOL!!!!!!!!

Lynn Codispoti Jun 1st 2009 11:33PM

What goes around comes around. Mistreating people is never acceptable. I don't watch "Hell's Kitchen" because I find Gordon Ramsay's verbal abuse and demeaning attitude very disturbing. I also have no sympathy for people who have huge sums of money and mismanage it.