Gordon Ramsay Holdings International lost £8m in 2009

27 August 2010 by
Gordon Ramsay Holdings International lost £8m in 2009

Gordon Ramsay Holdings International made losses of more than £8m in 2009 as the celebrity chef's company wrote off nearly £6m of investment at its US restaurant operations.

The company, which includes all of the Michelin-starred chef's restaurant openings since September 2007, made a loss of £8.32m in the 12 months to 31 August 2009, nearly double the £4.32m it lost in the previous year.

The company blamed one-off costs of £5.81m, up from £849,510 in 2008, which it incurred as it wrote off unrecoverable loans at its US operations in New York, Los Angeles and Florida, which it no longer owns but now runs on a consultancy basis. The group's operating loss was reduced by £1m to £2.45m in 2008.

Meanwhile Gordon Ramsay Holdings (GRH), which includes the company's established restaurants at Royal Hospital Road and Claridge's as well as Maze and Maze Grill, posted a profit of £515,373 in 2009 as turnover increased 44.4% to £10.1m.

Both Gordon Ramsay Holdings International and GRH underwent an external business review in 2008, which has resulted in the company reducing head office costs and disposing of its central production kitchen and putting two of its pubs, the Devonshire and the Warrington, up for sale.

Chris Hutcheson, chief executive of GRH and Gordon Ramsay International, said that following the business restructure, the group was optimistic about the future. "While we expect economic conditions to remain challenging, structural changes that were made early in 2009 within the group leave us well positioned for the future," he said.

Gordon Ramsay Holdings International recently completed on a new restaurant site at the One New Change development in the City of London. The group plans to roll out a new casual-dining concept similar to its Plane Food operation at Heathrow's Terminal 5. The company is also set to open the Savoy Grill at London's iconic Savoy hotel in October.

Gordon Ramsay Holdings International made £4m plus loss in 2008 >>

Gordon Ramsay to close central production kitchen >>

Gordon Ramsay Holdings closes Devonshire pub >>

By Kerstin Kühn

E-mail your comments to Kerstin Kühn here.

If you have something to say on this story or anything else join the debate at Table Talk - Caterer's new networking forum. Go to www.caterersearch.com/tabletalk

Caterersearch.com jobs

Looking for a new job? Find your next job here with Caterersearch.com jobs

[Newsletters For the latest hospitality news, sign up for our e-mail newsletters.
The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking