Profits for the year were 383,000 pounds, down from 3.05 million pounds in the prior year, while turnover plunged 14 percent to 35.6 million pounds.
The chef and his business partner and father-in-law Chris Hutcheson pumped 5 million pounds into the business in a bid to pay off outstanding debts and unpaid tax.
However, net debt at the group has soared from 4 million pounds to 9.5 million pounds.
RESTRUCTURING
Ramsay insists that the injection of money and a restructuring of the group will set it on course for a more profitable 2009.
The opening of 10 restaurants by the chef in as many months was also blamed for the poor performance, while Ramsay acknowledged that, "Tenacity and ambition overtook me".
Hutcheson and Ramsay continue to stave off administrators by handing back control of the group's restaurants in Paris and Los Angeles, and making a quarter of staff at its London headquarters redundant.
Gordon Ramsay Holdings has since secured new banking covenants with the Royal Bank of Scotland.
The chef and his business partner and father-in-law Chris Hutcheson pumped 5 million pounds into the business in a bid to pay off outstanding debts and unpaid tax.
However, net debt at the group has soared from 4 million pounds to 9.5 million pounds.
RESTRUCTURING
Ramsay insists that the injection of money and a restructuring of the group will set it on course for a more profitable 2009.
The opening of 10 restaurants by the chef in as many months was also blamed for the poor performance, while Ramsay acknowledged that, "Tenacity and ambition overtook me".
Hutcheson and Ramsay continue to stave off administrators by handing back control of the group's restaurants in Paris and Los Angeles, and making a quarter of staff at its London headquarters redundant.
Gordon Ramsay Holdings has since secured new banking covenants with the Royal Bank of Scotland.
