Hell's Kitchen Chef Sees Profits Fry

Ramsay pours millions into failing biz, admits 'ambition overtook me'
By Wesley Oliver,  Newser Staff
Posted Jul 4, 2009 3:50 PM CDT
Profits at celebrity chef Gordon Ramsay's British restaurants plunged by nearly 90 percent in the last 12 months.   (AP Photo/The Canadian Press, Sheryl Nadler/File)
camera-icon View 2 more images

(Newser) – Burned by plunging profits after a year of dizzying expansion, Hell’s Kitchen star Gordon Ramsay admits he bit off more than he could chew. Profits at Gordon Ramsay Holdings, which the fiery chef co-owns with his father-in-law, have dropped 90%, forcing the pair to pour more than $8 million of personal funds into the business, the Financial Times reports.

“Ambition overtook me. We thought we could do anything, that we couldn't fail,” said Ramsay, who even sold his prized Ferrari to raise cash, CNN reports. GRH opened 10 restaurants between 2007 and 2008, but has since shuttered operations in Paris, Los Angeles, and Prague. It has also shed staffers and reduced restaurant hours.