It seems its not just the financial, media and tech sectors that are being “crunched”. Celebrity chief Gordon Ramsey’s empire is feeling the pinch according to the FT.
“Accounts filed by Gordon Ramsay Holdings this week showed that the group had breached its banking covenants….. financial statements for the year to August 31 2007 – which were filed eight months late – revealed that the group was in the process of renegotiating the terms of its facilities with its bankers.
The group, which has been dogged by rumours that it is experiencing financial difficulties because of the economic downturn, has insisted it is trading well.”
After dodging the Icelandic banking collapse it looks like Gordon may have to add improved financial control and management to his extensive (and expensive) menu.