Food - News

Why Gordon Ramsay's Restaurant Empire Is Suffering Big Losses
Gordon Ramsay Restaurant Group, an empire that spans several continents, is reportedly suffering huge losses. Among the 35 UK restaurants that Ramsay runs or has a stake in, along with the 13 global eateries that operate under a licensing with his restaurant group have suffered a loss of roughly $8 million, pre-tax.
Ramsay’s financial troubles began when COVID-19 led to lockdowns and brought the restaurant industry to a standstill two years back — the group suffered a loss of $80 million between March 2020 and February 2021. In fact, the bookings worth $14 million in Ramsay's restaurants were “wiped out overnight” when the lockdown was reimposed.
Apart from the £6.84 million loss because of lockdown restrictions and rising inflation, the group also had to let go of 300 staff members. The highest-paid director had to take a pay cut of about $190,000 from the previous year, and the soaring food and energy prices will present more challenges in the coming year.