Gordon Ramsay admits recession almost pulled him under

June 1st, 2009 - 6:54 pm ICT by ANI  

KPMG London, Jun 1 (ANI): Celebrity chef Gordon Ramsay has admitted that the ongoing recession almost pulled him under, threatening to shut down his global restaurant empire.

Ramsay revealed that he was forced to sell his precious Ferrari, and that he had even considered selling the family home after finding his company was losing millions and he was sitting on a 7million pounds tax bill.

The chef and his business partner Chris Hutcheson have had to pump 5million pounds of their own money into the business since January to stave off the threat of closure, brought on by over-ambitious expansion plans coupled with the economic recession.

He spoke about the moment when auditors drew up plans to put his firm, Gordon Ramsay Holdings (GRH), into administration.

“It was the worst b******ing ever. They told me I was f*****. They said we should plan for administration, that it would be smoother for everyone,” the Daily Express quoted him as saying.

The crisis erupted after GRH went over its 500,000 pounds overdraft limit with Royal Bank of Scotland, which had already loaned the company 10 million pounds.

In January, the bank sent in KPMG to examine the books, and it emerged that GRH owed 7.2million pounds in taxes.

Ramsay considered selling 20 per cent of his company and the 6million pounds south London home he shares with wife Tana and their four children.

He did sell his Ferrari but Hutcheson, Tana’s father, talked him out of further sales.

“I didn’t think I could get through,” Ramsay said.

“The hurdles were coming faster and higher all the time. God, I loved that Ferrari, but there was no way I was going under. I couldn’t let down my staff and suppliers,” he added. (ANI)

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