Celebrity chef Gordon Ramsay is expected to sell a stake in his business in order to fund the opening of a number of new restaurants.
That’s according to a report in the Sunday Times, which suggests the Michelin-starred food icon is prepared to relinquish 50 per cent of share of his current restaurant empire to deliver brand new venues in some prime UK locations.
Ramsay is currently working alongside advisers BDO in order to find a suitable buyer, with a deal expected to see £80 million exchanged.
After an international expansion that has seen the star open sites in Las Vegas and Hong Kong, with the cities welcoming his Bread Street Kitchen concept, he is now set to fire up the kitchen in a new London base—Heddon Street Kitchen. The 13th venue in London under the Gordon Ramsay Group, the latest offering will comprise three floors of fine dining, able to welcome 232 covers.
However, Ramsay isn’t stopping there. The Aubergine, a former restaurant in Chelsea, has also been recently acquired by the 47-year-old, and could be opened next year under the new moniker Park Walk.
In fact, Ramsay and managing director of the group Stuart Gillies have cast the net even further. After successful openings and profitable overseas ventures, Gillies suggested in June that as many as “50 new restaurants” could be opened by the pair in the “next five years,” according to The Times.
Suffice to say, with Ramsay looking to further expand his restaurant empire, there are sure to be a number of new chef jobs in London, as well as many other hospitality jobs, created in the coming years.
The news marks an incredible five years from the chef. In 2009, with the grip of the recession tightening, administration was looming for the chef’s restaurant group. However, after closing unprofitable venues and a cash injection of millions, Ramsay held off further closures and his business is now thriving.
As per The Times, the restaurant group’s holding company, Kavalake, delivered earnings of £5 million, before tax, on a £45 million turnover during 2013.