CityA.M. reports that GORDON Ramsay may be planning to sell up to 50 per cent in Kavalake, the holding company for his restaurants, which include Restaurant Gordon Ramsay in Chelsea, Bread Street Kitchen in the City, and many more.
Ramsay is reported to be having discussions with BDO with a view to securing an investor or investment to fund further expansion. Market sources suggest a current value of up to £80m for the business.
This next step would demonstrate a major transformation for the group, which hit major problems during the recession, with Ramsay reportedly investing millions to fight through the problems.
Working with Kavalake MD Stuart Gillies, Ramsay has been successfully cutting costs and culling under-performing outlets overseas: the latest accounts show the business achieving sales around £45 million and earnings before tax of £5million.
In the meantime, Heddon Street Kitchen is due to open in the West End of London on 8 November, and the overseas expansion of the existing 12 restaurants is pushing ahead with Bread Street Kitchen in Hong Kong due to open soon.