August 07, 2014 05:27 AM by Stephanie Gustafson
On the latest episode of Hotel Hell, Gordon Ramsay advised the owners of the Applegate River Lodge on how to clean up their act and, in doing so, reduce their debt burden. But is Chef Ramsay really the best person to be giving advice? The reality star appears to be facing a significant debt problem of his own — according to the latest Twitter rumors, he hasn’t made a profit in years!
Gordon Ramsay’s tantrums are always entertaining, but while the reality star knows how to offer up advice and keep others accountable, he struggles to apply this wisdom to his own life. Why else would Chef Ramsay’s holding corporation currently be struggling under the burden of $50 million in debt?
According to documents recently obtained by Radar Online, Kavalake Holdings earned a gross profit of $36.5 million in 2013. This figure only seems impressive when the expenses for 2013 are kept out of the picture. Last year, the holding company spent $45.8 million, leaving it with an operating loss of approximately $9.2 million.
Unfortunately, this is not the only year in which Gordon Ramsay’s business ventures have been less than successful. Rumors surrounding the reality star’s financial issues first hit Facebook several years go, when insiders pointed to his holding company’s rapid accumulation of debt, not to mention, the millions of dollars he paid out in compliance and legal costs. But in spite of these problems, Gordon Ramsay is continuing full steam ahead, even launching a new cooking show for his daughter. Apparently, auditors are confident in the viability of Chef Ramsay’s unique brand.
What do you think of Gordon Ramsay’s debt problem? Should this be cause for alarm? Feel free to share your opinion in the comments section below!
Update from Ramsay’s reps: “This is an inaccurate interpretation of the public filings that were reported widely in the media back in May, and any claim that the company is anywhere near bankruptcy is ludicrous. It is standard for the head of the company to deliver loans to expand the business and ensure experiences remain first class, and the Gordon Ramsay Group continues to deliver a strong performance, with growth year on year.”
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Photo Credit: FOX
Topics: FOX Reality TV Shows, Gordon Ramsay, Hell's Kitchen, Hotel Hell, MasterChef |
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