Ramsay’s restaurants have seen huge expansion

The loan was given when the chef was at the height of his popularity and set about a massive expansion programme with new restaurants opening all over the world.[> [> Financial sources say RBS made ­recent enquiries about calling in the loan to Gordon Ramsay Holdings, which is run by Gordon Ramsay, 41, and his father-in-law, Chris Hutcheson.[> [> Neither Mr Ramsay nor Mr Hutcheson was available to comment last night on the claims and explain what measures are being put in place to keep the business moving in the right direction.[>

[> City sources said the directors could seek loans from another bank, ­although all leading banks are facing the same difficulties as RBS.[> [> Both men are independently wealthy and would be able to draw on substantial cash reserves if they chose to go down that route.[> [> The situation has put a question mark over the expansion of the business, which had been on target to make £100million by next year.[>

[> The credit crunch is already having a damaging effect across the whole restaurant industry, particularly at the top end of the market with fewer people being able to afford fine dining.[> [> Accounts to the year ending August 2006 show RBS provided the company with an overdraft and loans facility worth a total of £10.5million.[>

[> The company offered as collateral against this “debenture over the present and future assets of the company, Gordon Ramsay Holdings International Limited, and its subsidiaries and personal guarantees from directors”. [> [> In the worst case scenario, the bank could end up owning Ramsay’s restaurants and some personal assets belonging to the celebrity chef and Mr Hutcheson who are both directors of the firm.[>

[> RBS declined to comment as did Mr Ramsay’s PR company, Sauce Communications.[> [> The company is due to file accounts by the end of the month and has ­already been fined £1,500 by Companies House for not filing on time.[> [> Gordon Ramsay is said to earn about £2million a year for his television ­series with Channel 4 and earns substantial sums from sales of cookery books and television shows in the US.[>

[> Mr Hutcheson, 61, is the chief executive officer and was already independently wealthy before going into business with the husband of his daughter, Tana.[> [> He has a 31 per cent stake in the company with Mr Ramsay apparently holding the rest, giving him enormous financial responsibilities.[> [> Last week there were signs of problems when Gordon Ramsay Holdings parted company with its long-standing PR Gary Farrow, a highly respected figure in the industry credited with ­increasing the popularity of the restaurants and successfully firefighting scandals surrounding the television star.[>