Gordon Ramsay has handed control of Maze and his eponymous restaurant at The London in New York back to the hotel, nine months after doing the same at his Prague, Paris and LA restaurants.
Gordon Ramsay Holdings (GRH), which saw profits for the year ending August 2008 plummet by 90 per cent , has once again relinquished ownership of an overseas property to ease its ongoing debts, which reached £10m in the group’s 2008 accounts.
Earlier this year GRH handed the day-to-day food and beverage operation of Maze Prague , Gordon Ramsay at The London in West Hollywood , and the chef's eponymous restaurant at the Trianon in Versailles back to their respective hotels, although the group retained some control over menu planning and service standards.
Now, as GRH appeared in court last week over unpaid tax debts on two of its UK-based restaurants, a group spokesperson has confirmed GRH has relinquished control of its fourth overseas restaurant as the final stage of its overseas restructuring strategy.
Restructure of international Ramsay restaurants
To limit its financial liabilities, GRH has now sold back all owned overseas property while arranging for the restaurants to continue operating under the Gordon Ramsay brand. The only exception will be the group's fourth Maze restaurant at Melbourne's Crown Casino , due to launch early next year, which will continue to be owned by the group.
A statement issued by GRH read: "In line with the restructure of the international restaurants, the day to day operation of Gordon Ramsay at The London NYC is now the responsibility of the hotel, who now operate the restaurant under licence from GRH. Gordon and his team will continue to provide guests with menus and service standards."
According to a letter published on Eater.com from the hotel to the restaurant’s suppliers, ‘ownership and management’ of the New York restaurant was handed back on 22 November.