Gordon Ramsay Nearly Bankrupted

3 months ago 13th Aug 13:00

Gordon Ramsay was advised to file for bankruptcy.

The TV chef was told to take the dramatic step by a bank after profits at his restaurants fell from £3 million to under £400,000.

He told FOX news: "Heading out of global economic downturn has been tough but for me it has also been a breath of fresh air.

"The industry was getting far too arrogant, they weren't respecting customers enough and they forgot the customers were king.

"Customers just disappeared. Those that were in the restaurants weren't drinking wine. All were on tap water.

"Then we had a huge downturn, Monday to Thursday. Your staff costs are the same, your running costs are the same. It was a nightmare."

Gordon was given the stark advise after breaching the terms of a £10.5 million loan with a bank.

The foul-mouthed cook added his business was saved by his and his father-in-law's decision to give the business over £5 million of their personal money.

"Customers just disappeared. Those that were in the restaurants weren't drinking wine. All were on tap water.

To raise the cash, Gordon sold his Ferrari car and thought about putting his London home on the market. He also had to let 15 per cent of his workforce go.

He added: "All of a sudden, this whole thing was nothing to do with cooking, I had my own personal nightmare.

"I've learned a lot from a chef's point of view in terms of business. I'm not a businessman, but I certainly don't walk around with my head tucked up my backside. For me, it was a learning curve."

Gordon owns over 20 restaurants in Europe and America.