MasterChef judge Gregg Wallace has been forced to close his Wallace and Co restaurant in London's Putney and to sell its parent company Wallace Cafes.
The business is not thought to have attracted enough custom, and its closure comes after Gregg's Bar and Grill closed in Bermondsey in August last year, and his greengrocers business, West Veg, also collapsed in March.
A source close to the former market trader, told the Sun on Sunday: "Gregg's not in a happy place - his business empire is collapsing around him.
"He was forced to sell the restaurant so no one would go bankrupt. But it's devastating for him after pouring so much cash into it."
Wallace is also reported to have hired show business agent Jonathan Shalit, who represents Myleene Klass, after parting with his agent of 10 years Rosemary Scoular.
West Veg Ltd is in administration after collapsing with £500,000 worth of debts. Documents showed it owed £78,991 to 15 former employees, £166,915 to partners, £77,839 to NatWest and £143,591 in taxes despite a gross profit of £700,000.
Gregg's Bar and Grill in London's Bermondsey Square Hotel, managed by Bespoke Hotels, was dropped after Wallace was involved in a brawl with a fan in another of the hotels in Bespoke's portfolio.
Wallace, who was born in Peckham, began his career selling vegetables at a stand in Covent Garden. He started George Allan's Greengrocers in 1989, a company that built up to an eventual turnover of £7.5m.