Celebrity chef uses own money to save business
Jul 3 2009 by Iain Laing, The Journal
A full review of operations was instigated in December as part of a refinancing deal with the Royal Bank of Scotland and to help the business get through the troubled economic times.
The cash injection from Ramsay and Mr Hutcheson came after the firm accrued a bill from VAT, corporation tax and PAYE of around £8m. This has now mostly been repaid and will be completely settled by the end of this month.
Ramsay has told how he had to sell his Ferrari to help put the restaurant empire back on track, blaming its problems on his own ambitions. Mr Hutcheson said: “2008 brought its own challenges, not just for our group, but for the industry as a whole and the broader economy.
“Whilst the restructuring has benefited the group, the significant contribution and commitment of all 750 staff to the business has been integral to moving us to a position of strength.”
The firm said 25 staff were axed as part of the restructuring efforts.
Of Ramsay’s 11 London restaurants, Boxwood, Royal Hospital Road and Claridges emerged as the star performers. Connaught was closed after its lease expired, but two further restaurants were opened: Murano in September 2008 and York and Albany in October.
The Narrow has had extra seating installed, Petrus is due to move to Knightsbridge later this year after closing last September, Maze has been fully refurbished and Savoy Grill is set to reopen with the hotel in early 2010.
But La Noisette ceased trading in January this year and was described as a “consistently underperforming site”.
