This can't be good!
Gordon Ramsay is in such serious financial trouble that his bank, the Royal Bank of Scotland, is reportedly refusing to allow him from selling his £3 million home so he can pay off his company's £17 million debt!
The bank granted Gordon Ramsay Holdings a £10.6 million overdraft in 2006, but have now been forced to enforce a unilateral notice against the chef's estate in southwest London. This essentially means that if his company goes under, he will be forced to hand his home to the bank.
Forensic accountant Adrian Wilcocks explains:
‘RBS, having advanced money to the Ramsay business, now wants some security. There will be various conditions attached. The house is being pushed into filling any hole that may exist. All of this is entirely commonplace and standard business practice.’
But these, unfortunately, seem to be the realities of the difficult financial times that we live in!
Best of luck, bb!
[Image via WENN.]
Tags: adrian wilcocks, debt, foreclosure, forensic accountant, gordon ramsay holdings, home, overdraft, royal bank of scotland, unilateral notice