Ramsey’s restaurants see profits crash
03 July 2009 09:26
Gordon Ramsey may be using the "F" word a lot more after news reports surfaced this week that profits at his restaurant business, Gordon Ramsay Holdings, crashed 87% last year.
Accounts filed at Companies House show that profits at the company fell over £3 million to £383,000 in the year to August 2008, with turnover down 14% from £41.59 million to £35.57 million.
Mr Ramsey and his father-in-law/business partner Chris Hutcheson have ploughed £5 million of their own money into the business to stop it going under.
Speaking to the Evening Standard, an adviser to the company blamed the company's rapid expansion, having opened 10 restaurants in 10 months: "The group was expanding at such a rate that it was sucking up cash to get restaurants off the launch pad. It's a classic symptom of a business in the growth phase".
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