Celebrity Chef Gordon Ramsay to Close Restaurants

It appears that the credit crunch is taking a toll on up-market restaurants in the UK – the leases to two eateries belonging to celebrity chef Gordon Ramsay appeared  for sale last week – only to vanish almost immediately.

Selling instructions for the leases to The Devonshire, a gastropub in Chiswick, and Sloane Street, an upscale private dining room in Knightsbridge, appeared on the “Restaurant Property,” website although they were taken down several hours later. According to the FT, a person familiar with the situation said the two restaurants had been slated to be sold for under-performing.

When contacted, a spokesperson for Gordon Ramsay Holdings, confirmed that the Sloane Street restaurant has been put up for sale, but said The Devonshire was not being sold.

“There are no plans to sell it,” said the spokesperson. “It is an administrative mistake.”

Speculation over the health of Mr Ramsay’s restaurant empire continues, with suggestions that it has become a branding project rather than a solid restaurant. Although, in a move reminiscent of the banking sector’s recent reticence to produce figures, the company has not filed its accounts on time. The 2006 accounts for Gordon Ramsay Holdings were only filed last October – almost 16 months late, accounts for 2007 have yet to be filed, and it is likely that 2008 was not a great year.

Last year, Ramsay managed to avoid being caught up in the Icelandic banking collapse when he switched to the now ailing Royal Bank of Scotland who advanced him a £14 million loan. Mr Ramsay’s personal life came in for some scrutiny last year after an alleged mistress shared details of his personal “preferences,” and the loss of two Michelin stars that went with one of his star chefs must have been a particularly hard blow.

The spokesperson for GRH said the business continues to do well and dismissed talks that the business could be under financial distress. “The lease to Sloane Street is going to run out at the end of the year and the company has chosen not to renew it because space for private dining has been freed up after The Connaught reopened last year.”

One of the restaurants, Foxtrot Oscar in Chelsea, is now open for lunch only on Fridays, Saturdays and Sundays, due to a lack of bookings, and the London flagship Petrus is relocating. Although I would think Mr Ramsay’s side income is more than enough to calm any fears – he  is said to be the world’s highest paid chef, taking home about £15m ($20 million) a year from TV series, books and endorsements.