General News

Ramsay's house at stake as money woes mount

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Nov 03, 2010 | 5:00am EDT

The Hell's Kitchen star has suffered severely in the recent economic downturn and in 2009 was forced to pump $8 million (£5 million) of his own money into his businesses in a last-ditch bid to keep afloat.

The company, Gordon Ramsay Holdings (GRH), reported a loss of $6.5 million (£4.3 million) last year (09) and was also hit with massive tax bills.

And now money chiefs at the Royal Bank of Scotland have submitted papers in a bid to stop Ramsay selling his $4.5 million (£3 million) London home.

The property will act as security against the star's company debts, according to Britain's Daily Mail.

A spokesman for GRH confirms the claims but has downplayed the report, stating, "All of this is entirely commonplace and standard business practice."

Ramsay has also been embroiled in family drama recently after his father-in-law Chris Hutcheson, who stepped down as CEO of the celebrity chef's business empire last month (Oct10), went public about their bitter fall-out.

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