Recession makes a meal of Ramsay
GORDON Ramsay and his father-in-law were forced to put £5 million into the chef's business, to avoid administration.
Accounts filed yesterday showed that the impact of the recession had seen profits in Ramsay's restaurant empire fall by 90 per cent.
It is thought that a decline in people dining out during the economic climate has hit his finances hard.
The past two years have been a period of rapid growth for the Ramsay group, but with the expansion came debt.
Earlier this year, his GRH firm said it had breached covenants on its 500,000 overdraft and 10 million of loans from the Bank of Scotland.
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Monday 21 May 2012
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