Gordon Ramsay’s restaurant empire loses millions during pandemic

Gordon Ramsay Restaurant Group, which owns the catering empire of the popular Michelin-starred chef, known to millions for the short fuse and foul mouth he displays in several television shows, has posted significant losses for the second year running as the COVID-19 pandemic wreaked havoc on the industry.

In its latest financial filings for the year up to August 2021, it reveals losses of €8 million.

These come after a €6 million loss recorded for the preceding year, which covered the first months of the pandemic.

Another point many restaurant owners will feel familiar with is the loss of 300 staff, with the group unable to retain all its workers during several lockdowns despite receiving some €3.5 million Government wage assistance for these periods, which lasted for a combined five months.

In the filing, the group warned that inflation and inflation-induced-reduced consumer spending, supply chain issues and increased food costs presented additional challenges in the year leading up to August 2022, with no signs of these abating for the time being.

On the other hand, it also stated that ever since the last of England’s COVID-19 restrictions were lifted in February 2022, its restaurants have bounced back to profitablity and sales were “consistently ahead of pre-pandemic trading”.

Mr Ramsay has supported the business with £10 million (€14.25) of guaranteed from his own personal funds.