Chef Gordon Ramsay is allegedly more than $50 million deep in debt and facing yet another new lawsuit. A report from Radar Online showed corporate documents that reveal the current status of the culinary star and entrepreneur turned reality TV celebrity's business endeavours.
Kavalake Holdings is the umbrella company of the many business ventures of Chef Gordon Ramsay, while Gordon Ramsay Holdings is a subsidiary that was once the main business entity. The said entities released Directors' reports that detailed the extent of Chef Gordon Ramsay's financial problems.
According to the documents obtained and reported by Radar Online, Kavalake made a gross profit of $36.5 million (£21,622,000, with current exchange rate taken from Xe.com), with expenses of $45.8 million (£27,120,000) and an operating loss of $9.2 million (£5,458,000) for the fiscal year ending August 31, 2013,
The loss for the year amounted to more than $10.8 million (£6,417,000) when other expenses were added.
The report also stated that Kavalake had just $7.4 million (£4,380,000) cash at hand and $50.5 million (£29,887,000) of debt due in one year.
In related news, TMZ has reported that Chef Gordon Ramsay, reportedly in debt, is also facing a lawsuit over his restaurant, The Fat Cow.
The landlord from The Grove, where the said restaurant is located, claims that Chef Gordon Ramsay has been delinquent in his long-term lease payments, and is now asking for $6 million.
Chef Gordon Ramsay closed The Fat Cow in March following a legal battle with a restaurant owner in Florida claiming to have exclusive rights to the name "Fat Cow", said the TMZ report.
After the restaurant closed, Chef Gordon debt troubles only grew when his ex-partner sued the "Hell's Kitchen" star for giving up The Fat Cow. The ex-partner is said to be suing Chef Gordon Ramsay for $10 million.
A rep from Chef Gordon Ramsay's end released a statement: "It's the unfortunate, but inevitable normal procedure resulting from (Rowen Seibel's) gross mismanagement of the restaurant and diversion of funds from the business that lead to a string of financial and legal issues."
