Gordon Ramsay Sells His Ferrari In Debt Crisis

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.