Gordon Ramsay's accounts show £4.3m loss

The financial losses that nearly resulted in the loss of Gordon Ramsay's business empire have been revealed in its latest set of accounts, placing losses at £4.3m. Financial statements for the year ended August 2008, audited by James Henry LLP for Gordon Ramsay Holdings International, were due to be filed last May, but a financial overhaul delayed the accounts being filed at Companies House until yesterday. In February 2009 Ramsay shut down his restaurants in Prague and Versailles following financial losses of £408,948 and £1,778,441 respectively. According to the accounts, the opening of Munaro in London in August 2008 made a small loss due to start-up costs at the end of the financial year, but is expected to return a profit in its first year. Chris Hutcheson, Ramsay's business partner and father-in-law, said the closures leave the group positioned for a stronger financial year ahead. '2008 brought its own challenges, not just for our group but for the industry as a whole and the broader economy. The structural changes that have been made within the group leave us well positioned for a stronger trading year ahead and further. While the restructuring has benefitted the group, the significant contribution and commitment of all 295 staff to the business has been integral to moving us to a position of strength.'
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