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Gordon Ramsay reveals financial woes.

Summary: TV chef Gordon Ramsay's hellish year has been capped off with the announcement profits at his restaurants have fallen almost 90 per cent.

TV chef Gordon Ramsay's hellish year has been capped off with the announcement profits at his restaurants have fallen almost 90 per cent.

The latest company accounts show that the restaurant empire came close to the brink of collapse. Ramsay and his father-in-law and business partner Chris Hutcheson were forced to pump Au5 million of their own money into the business.

The latest figures follow a difficult year for Ramsay - both personally and professionally.

He has been forced to close several of his restaurants. In fact money woes have in part been blamed on ambitious expansion plans after he opened ten restaurants in ten months between 2007 and 2008.

More recently he was forced to apologise to Australian television journalist Tracy Grimshaw after mocking her at a live cook along. Australian Prime Minister Kevin Rudd called Ramsay a "new form of low life".

And last year the chef found himself at the centre of a kiss and tell after "professional mistress" Sarah Symonds alleged to have had a long-running affair with Ramsay.

Following the announcement that pre-tax profits at Gordon Ramsay Holdings tumbled from Au3.05 million in 2007 to Au383,325, a statement for the group claimed it had "successfully undergone change for the better".

It added it was now "well-placed to grow its operation with a more stable capital base and a more manageable overall structure".

Independent Television News Limited 2009. All rights reserved.

Independent Television News Limited 2009. All rights reserved.

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Publication:Independent Television News Limited (ITN)
Date:Jul 6, 2009
Words:276
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