Gordon Ramsay has denied a recent report that he's more than $50 million in debt.

RadarOnline reported Kavalake Holdings, the umbrella company that handles Ramsay's business endeavors, lost more than $10 million in 2013 and has $50.5 million in debt due in one year. The debt findings are reportedly only in regards to his British operations.

However, a Ramsay spokesperson told Reality TV World in a Thursday statement that the RadarOnline report is "misleading."

"This is an inaccurate interpretation of the public filings that were reported widely in the media back in May, and any claim that the company is anywhere near bankruptcy is ludicrous," the spokesperson said.

"It is standard for the head of the company to deliver loans to expand the business and ensure experiences remain first class, and the Gordon Ramsay Group continues to deliver a strong performance, with growth year on year."

Ramsay reportedly has 12 restaurants in the U.K. in addition to popular dining spots in the United States, France and Italy.

The celebrity chef stars in several Fox reality series in America, including Hell's Kitchen, MasterChef, Kitchen Nightmares, Hotel Hell, and MasterChef Junior.

However, Ramsay acknowledged in late June he has decided to pull the plug on Kitchen Nightmares, which lasted seven seasons on the air and had featured restaurant owners asking him to spend a week reviving their failing businesses.
About The Author: Elizabeth Kwiatkowski
Elizabeth Kwiatkowski is Associate Editor of Reality TV World and has been covering the reality TV genre for more than a decade.