Gordon Ramsay reportedly over $50 million in debt and near bankruptcy again
UPI News Service, 08/07/2014
Gordon Ramsay may have to start taking some of the advice he gives when helping other people with their struggling businesses.
According to a RadarOnline report, the celebrity chef is more than $50 million in debt.
Ramsay, who helps struggling business owners on shows like "Kitchen Nightmares" and "Hotel Hell," and the umbrella company that handles his business endeavors, Kavalake Holdings, lost more than $10 million dollars in 2013.
The same report reveals that Kavalake has some $7 million in cash holdings but has $50.5 million in debt due in one year.
Radar does point out the debt numbers are only related to Ramsay's British business operations. He has 12 restaurants in the U.K., but has many more including locations in the United States, France, Italy and Qatar.
It's also not Ramsay's first brush with bankruptcy, but while individual restaurants may close and legal fees may pile up, the celebrity chef is or has been the star of more than a dozen popular cooking shows in the U.K. and U.S.
"As filming comes to a close on the latest series of 'Kitchen Nightmares' I've decided to stop making the show," Ramsay wrote on his website.
"I've had a phenomenal 10 years making 123 episodes, 12 seasons, shot across 2 continents, watched by tens of millions of people and sold to over 150 countries. It's been a blast but it's time to call it a day."
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