Economic crisis bites into Gordon Ramsay’s profits

The recession has hit chef Gordon Ramsay where it hurts – his pockets, as his restaurants in Britain have suffered a 90 percent drop in profits.

Proving that even celebrities are not immune from the effects of the economic crisis, Ramsay’s company pre-tax profits tumbled from STG3.05 million ($6.21 million) in 2007 to STG383,325 ($779,987.79).

The renowned chef blamed the drop in profits on an over-ambitious expansion and the closure of key London restaurants such as the Savoy Grill, with the luxury hotel shut for refurbishment.

Speaking on the loss, Ramsay said that while the financial year ending 2008 was tough on the group, they have “regrouped and learnt some valuable lessons and the business has now returned to a position of strength.”

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