Gordon’s own Kitchen Nightmare: Ramsay admits to having faced bankruptcy over his recession-hit restaurants

The host of Ramsay’s Kitchen Nightmares said business at his restaurants plunged so sharply he was advised to file for bankruptcy as profits fell from £3million to only under £400,000. He might need to apply for a loan in order to save his business.

But he and his father-in-law pumped in £5million of their own money to stay the business afloat.

Speaking on U.S TV Ramsay said he had been hit hard by the worldwide recession as diners stayed faraway from his chain of over 20 restaurants.

‘Heading out of worldwide economic downturn has been tough except for me it’s also been a breath of fresh air,’ he said on Fox News.
‘Customers just disappeared people who were within the restaurants weren’t drinking wine. All were on water .

‘Then we had an enormous downturn, Monday to Thursday. Your staff costs are an equivalent , your running costs are an equivalent . it had been a nightmare.’

As one of the world’s best known chefs Ramsay had restaurants in London, Europe and therefore the U.S.

He admitted that he breached the terms of a £10.5m loan and was advised to put his company into chapter 11 by the bank he had borrowed the cash from.

Cooking up more trouble: The chef flicked egg whites onto the host during the segment

He said he sold his silver Ferrari sports car and thought of selling his London home.

‘All of a sudden, this whole was nothing to try to to with cooking,’ he said.

‘I had my very own personal nightmare.’

Ramsay, 42, said he fired 15 per cent of his 1,200 staff and crop on other costs like using cheaper cuts of meat.

‘I’ve learned tons from a chef’s point of view in terms of business,’ he said.

‘I’m not a businessman, but I certainly don’t walk around with my head tucked up my backside. For me, it had been a learning curve.’

While his restaurants aren’t faring so well his TV career within the US is blossoming.

He has two hits, Hell’s Kitchen and Ramsay’s Kitchen Nightmares, which earn him over £10 million a year and are among the foremost popular on TV.

The Staggering Amount of cash Gordon Ramsay’s Restaurants Lost During The Pandemic

When he is not trying his hand as a giveaway host, roasting bakers who make cake-imitations of his face on TikTok, or, as Delish reports, trying to convince Jimmy Fallon to convince his wife to not have a sixth child, Gordon Ramsay has math to try to to .

Screen Rant calculates that the celebrity chef owns 35 restaurants on four different continents (North America, Europe, Asia, and Australia). you’ll find the majority of them (18), in London, where COVID-19 lockdowns have wreaked havoc on the hospitality industry. “In December we had £10m worth of reservations exhausted overnight,” Ramsay told The Sun in late February 2021. That’s roughly $14 million US dollars, a touch under a fifth of his total, COVID-19-related losses, which Ramsay calculated at just over $80 million.

It’s not that Ramsay’s headed towards bankruptcy. If International Business Times is to be believed, the celebrity chef made $70 million dollars in 2020, and is worth a healthy $220 million. So while he didn’t make Forbes’ richest 400 list, Ramsay’s hardly close to pack up operations, either. Quite the other .
“I get criticized for being wealthy, but the responsibility on my shoulders — the livelihoods at stake — is large , ” Ramsay reflected to The Sun. “I feel that pressure enormously, and therefore the impact of all this has been devastating and incredibly costly.” which will be why, rather than downsizing, Ramsay is moving forward with plans to expand his culinary empire.

The Biggest Scandals To Ever Plague Gordon Ramsay

Gordon Ramsay and controversy have gone hand in hand ever since the potty-mouthed celebrity chef took London’s culinary scene by storm back within the 1990s. Owner of various restaurants and host of a legion of hit television shows, there has rarely been a dull moment from the perpetually hot-headed star of such series as Kitchen Nightmares, MasterChef, and lots of more.

Internationally renowned, multi-Michelin starred chef Gordon Ramsay has opened a string of successful restaurants across the globe, from the UK and France to Singapore and the United States.For Ramsay, bankruptcy was unthinkable even if it made financial sense. Restaurant Gordon Ramsay at Royal Hospital Road is London’s only dining spot with three Michelin. Ramsay has been forced to cede control of three of his restaurant locations and his bankers have recommended that he file for Chapter 11. Always a stickler for.Gordon Ramsey news from all news portals / newspapers and Gordon Ramsey facebook twitter stats, read Gordon-Levitt, unbeknownst to many, has performed both on and off  Broadway as a clown in. Bankruptcy is agonizing. Getting on the right plan to change your money habits isn’t. Bankruptcy is confusing, not to mention emotionally devastating. It’s a serious decision, and we don’t want you to.

Celebrity chef Gordon Ramsay, through his multimedia production company Studio Ramsay, has inked a deal with the BBC to produce and host the studio’s first-ever. Feeling the heat: Gordon Ramsay, pictured with U.S talk show host Conan O’Brien last night, has admitted he faced bankruptcy over his recession-hit restaurants. While Gordon Ramsay is known for his know-how in the kitchen, his financial debt is what landed him in the headlines this week. Chef Gordon Ramsay Flaunts New Car ‘Kitchen Nightmares’ Star Drives Ferrari Around South Kensington, Slams Bankruptcy Rumors. Chef Gordon Ramsay recently flaunted. Gordon Ramsay Group, the company owning t.The home of Gordon Ramsay on YouTube. Recipe tutorials, tips, techniques and the best bits from the archives. New uploads every week – subscribe now to stay.

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