Gordon Ramsey & Debt...posted on 24 January 2012 | posted in Celebrity Debt | ( 0 ) CommentsIt seems no matter who you are and what you do, if you have debt problems you cannot escape them. This is the case for well known celebrities also, some bigger than others…. Gordon Ramsay once faced a huge £18 million debt crisis and called in Dragons Den expert Peter Jones to help, in what seemed like a real life 'Hells Kitchen" for the worls famous chef. But hard-up diners spending less on eating out have caused sales to fall 9.5% at the embattled restaurant group owned by celebrity chef Gordon Ramsay. The entrepreneur, who sacked his father-in-law Chris Hutcheson as chief executive of Gordon Ramsay Holdings after a public row, also attributed the fall in sales to the closure of loss-making eateries Boxwood and The Devonshire. It posted a combined profit of £0.2m for the year to August 31, 2010 - a significant improvement on the £7.7m loss recorded for the same period in 2009. The chef saw a 6.3% reduction in covers at his flagship Claridge's restaurant and while covers were up 5% at Maze, spend per head was down resulting in an overall fall in turnover. During that year Ramsay was forced to personally provide an unsecured interest free loan of £7.4m to fund expansion. However Ramsey came out trumps by winning a recent court case against his father in law, and has recently purchased a 4.3 million pound luxury home in L.A. This is not the first time Ramsey has faced problems like this as he had already seen the bank prevent him putting his £3 million family home on the market. According to previous reports in the Daily Mail, the famously volatile TV chef wanted to sell his Battersea home to help repay part of his company debt, but his bank – the Royal Bank of Scotland – took legal steps to prevent him from doing so and registered a unilateral notice on the property. A unilateral notice can be registered against the title of a property without the consent of the proprietor. It is used as a form for announcing a third party interest in the property and often as a device to prevent a sale and distribution of sale proceeds without the notice holder's consent. Typically a unilateral notice will only be accepted by the land registry if there is a registerable interest to the bank. As the property owner, Mr Ramsay can contest it and call for it to be removed if the bank has no grounds for a registerable interest. RBS had reportedly secured the notice on Mr Ramsay's seven-bedroom Wandsworth home after granting his company, Gordon Ramsay Holdings, a £10.6 million overdraft back in 2006. Although the house is supposed to be separate and not linked to Gordon Ramsay Holdings (GRH), it is believed that the asset is being used as a form of security by RBS against the firm's reported £17 million debts – a figure denied by GRH. So if this trend had continued then one of the worlds most well known chefs could very well have been facing bankruptcy... But it's good to see that depsite a blip in finances, Gordon Ramsey has now landed back on his feet with a great new home in L.A. This just shows that no matter the circumstances and strain, if you strive to solve your financial problems and get the right help, you can come out on top and carry on smiling... (Author: Darren Perks) Share this blog entry:
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