Ramsay Holdings breaches covenants

The accounts of Gordon Ramsay Holdings, filed eight months late, show the celebrity chef has stretched himself financially. The parent company of the string of British restaurants run by the celebrity chef, made pre-tax profits of £3.05m, up from £816,000 in the previous year. But the company's overdraft was increased to £6.13m from £4.56m (in 2006), upon negotiations with bankers the Telegraph reported. In notes to the accounts for the August 2007 year end, the group indicated that it had not yet completed renegotiations of its lending facilities with its bankers. The company, which breached some of its financial covenants, gave no details as to which covenants were breached nor did it clarify the financial year in which the breaches occurred, the FT reported. The company's auditors Jefferys Henry declined to comment on the accounts.
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