Businessman Barry Larsen, who runs French restaurant Abstract in Inverness, pressed ahead with plans to expand his business to Edinburgh – despite Ramsay telling him it would never work.
His advice proved to be accurate: it has been confirmed that Abstract, on Edinburgh's Castle Terrace, has shut down just under three years after it opened.
The recession has been blamed for the demise of the restaurant, although bosses remain defiant, saying the move to the capital in 2007 was the right step to take.
Abstract has been closed since the end of trading on Hogmanay.
A source at Abstract, who did not wish to be named, said:
"We were just unfortunately not busy enough to keep the restaurant running so we decided to close it because it is not viable.
"We do still have the business in Inverness so we will focus on that. It was the general economic climate that was not good for us.
"But I have no regrets. We have been well liked, we had a lot of good regular customers and it was great to be in Edinburgh.
"We would have preferred to have kept the restaurant open for 2010, but unfortunately we can't do that."
Asked whether the company regretted ignoring Ramsay's advice, he said: "At the time it was the right decision. What happened after had nothing to do with opening three years ago. It was completely different. If I put myself back three years I would make the same decision again."
Abstract featured on the television show Ramsay's Kitchen Nightmares.
The Edinburgh restaurant was among 20 in the city to make it into the 2009 Good Food Guide.
Malcolm Duck, chairman of the Edinburgh Restaurateurs Association, said: "It is a shame that the city is losing a good restaurant. It is not a bed of roses out there and January is always a difficult time."