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 3 of 3)

Wild Irish Rose Jun 2nd 2009 5:17PM

Mary, well said. fkurtin seems to think that he/she has the only valid opinion. Too many parents ARE lazy, and would like only the programs THEY like on TV, in the movies, etc. It's a parent's responsibility to monitor what their children watch. fkurtin, you're certainly entitled to your opinion, just as Mary and I are, but to call someone a "freak" and "desperate" just because they have a different opinion than you have? Don't you think that's just a bit of over-reaction? WOW! Your comment shows more about you than it does about Mary. Good luck.

mary Jun 2nd 2009 12:48PM

Sounds like a bunch of sour grapes being squeezed in here. Since when did everyone get so jealous and angry over other people's success's or delight in failure. I didn't hear Gordon Ramsey ask any of you for financial help. Why not take all your anger and focus it on making yourself a success instead of resenting others that are.

mary Jun 2nd 2009 12:51PM

Gordon Ramsey is HOT.

fkurtin Jun 2nd 2009 2:55PM

oh good god mary, push yourself away from the table and see what your own kids are watching

Joe Downey Jun 2nd 2009 1:07PM

Gordon maybe a new Reality series HELL'S GARAGE

Rose Jun 2nd 2009 1:14PM

They want to sell of his assets and take control of his empire???? Are they called lawyers???? Well, that explains it!

D Jun 2nd 2009 4:40PM

KPMG are public accountants for the most part.

mikey Jun 2nd 2009 1:30PM

I THINK HES AN ABUSIVE JERK AND HE MAKES ME SICK..IF YOU THINK HES HOT YOU NEED TO MAKE AN APPOINTMENT WITH AN OPTOMETRIST!.

bobbie Jun 2nd 2009 5:34PM

And maybe you just need to quit reading the articles and change the channel.

Chef Alfred Schrader Jun 2nd 2009 2:15PM

Being a master chef is no easy chore. Sometimes "stimulating" the staff is the only thing that works and in the food business there are no excuses. Chef Alfred Schrader

Roberto Jun 2nd 2009 2:37PM

This man is another who rides on the cult of obnoxious and know it all behavior. I feel no pity for him; I know a couple of people who have had to sell their old American junkers through hard times. That he got to own a Ferrari makes him pretty unique; perhaps he will now control his mouth and earn another one in a solid and business like way.

dano Jun 2nd 2009 3:21PM

You do know that AOL is 1000 times more bankrupt than this tv chef?

Dean Jun 2nd 2009 3:28PM

No surprise here for Gordon is a complete idiot.

Wild Irish Rose Jun 2nd 2009 4:46PM

He can't control his mouth, that's what makes his show popular. It's all a sham anyway. People that know him personally and professionally, apart from the show, say he's a very nice, calm reasonable guy. His screaming, cussing, etc., are all a put-up job, the "gimmick" for the show, and all the contestants know that, so don't feel sorry for them. They're in on it.

Richard Jun 2nd 2009 4:59PM

Now he is living in HELLS KITCHEN it could of not happened to a nicer guy HA! HA! HA!

aJm33771 Jun 7th 2009 5:13PM

What a royal bollocking for a royal ArSe Hole! LOL

howardroark43 Jun 2nd 2009 7:31PM

"IT'S NOT GOOD ENOUGH, YOU STUPID COW!"

Betsy Jun 2nd 2009 8:02PM

Let's keep this in perspective. Reality TV is "unscripted" but tightly managed. What you see on TV is meant to keep your attention, but doesn't mean that you actually know ANYTHING about the actual people involved. We don't personally KNOW Gordon, the Housewives, or anybody else who mugs for the TV, remember?

Anybody who has the guts to grow a business can get into a bad year financially. Doesn't mean he is a bad business person or that in real life he is a grouch. Also doesn't mean that he mistreats or underpays his employees. What he does is provide jobs for them. We should be routing for him to get back on solid ground so he can continue to do that.

fkurtin Jun 2nd 2009 8:32PM

wild irish rose and mary are desperate freaks with big back yards who like trash talk shows. get a job and get some morals. teach your children the difference between right and wrong. gorden ramsey is a loud foul mouthed drama queen that needs a punch in the beak . reality shows are for people who get off on jerry springer and believe it all is true, mostly the uneducated freaks

fkurtin Jun 2nd 2009 8:50PM

wild irish rose is a huge fan of gorden ramsey ,you must have your beer goggles on or the whine shine going on again if you cant see what an abusive jerk he is. america has enough problems as is without these drama queen show hosts spewing out their foul mouthed hate talk directed at our young people. whats wrong with america tomorrow is what you dont teach your children today

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