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International losses nearly double at GRH

By Martyn Leek , 27-Aug-2010

Gordon Ramsay is reportedly facing losses of £8.32m on his international operations

Gordon Ramsay is reportedly facing losses of £8.32m on his international operations

Losses at the international arm of Gordon Ramsay Holdings, the high-end restaurant operator, have reportedly nearly doubled to £8.32m

Losses at the international arm of Gordon Ramsay Holdings, the high-end restaurant operator, have reportedly nearly doubled to £8.32m.

 

The net loss for the 12 months to 31 August 2010 increased by 48% from the £4.32m the year before. The group was also hit by a one-time cost of £5.81m – as the company wrote off investment in venues in California, Florida and New York.

 

However, the company’s UK arm, which includes the three-Michelin-star Restaurant Gordon Ramsay and Claridge’s – posted a net profit of £515,373 compared with a loss of £100,063 a year earlier.

 

These figures were reported by Bloomberg - though no accounts have yet been filed at Companies House.

 

Chris Hutcheson, who heads Ramsay’s restaurant businesses, told Bloomberg: “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.”

 

The news of the losses at GRH’s international arm comes a day after it emerged that the group is discreetly trying to market The Warrington, the art nouveau Victorian pub that was the flagship of the chef’s pub estate.

 

Ramsay recently abandoned ownership of his non-UK eateries and now operates them as consultancies. Gordon Ramsay at the London in New York and the outpost in West Hollywood both proved costly, while the chef is also no longer connected with Cielo at the Boca Raton Resort, a restaurant that was overseen by his protegee Angela Hartnett.

Martyn Leek is news editor at BigHospitality's sister publication M&C report

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