Gordon Ramsay Holdings saw pre-tax profits drop 87% last year to £383,000 from £3.05m, according to the company’s latest accounts.
The group reported a 14% fall in turnover to £35.6m during what it described as a “turbulent year”.
The company, owned by chef Gordon Ramsay and his father-in-law Chris Hutcheson, said that revenues for the period were lower as a result of the end of lease at the Connaught and the closure of the Savoy Grill.
It filed accounts at Companies House today showing that net debt rose from £4m to £9.5m, leading to a doubling in interest payments to £545,000.
In statement, the company said that after a restructuring of operations, it was confident the group had “successfully undergone change for the better” and was now “well-placed to grow its operation with a more stable capital base and a more manageable overall structure”.
