Michelin-starred Chef Tom Aikens has apologised to his creditors following the collapse of two of his restaurants.
He had been criticised after he bought the failing business back immediately through a pre-arranged deal with a private equity outfit.
Suppliers were left £847,000 out of pocket, investors lost £600,000 and the banks £172,000 and Inland Revenue missed out on £711,794.
Last night Aikens said: “I tried desperately to save the business but after Lehman Brothers collapsed, nobody would re-finance me. That this was the least-worst option because at least it means my staff still have jobs.
“And that however much they lost, I lost too - around £500,000 of my original investment and in solicitor's fees, despite working 18-hour days for the past five years.
"I can't alter the fact that I took my eye off the ball and that my failure has cost them, yet 80 per cent have decided to continue to supply me, initially for cash, but increasingly on credit. We're building trust again."
