From the brink of collapse…

Sky News has just broken a story that details the accounts posted by Gordon Ramsey Holdings to Companies House.

You can read the full story here.

To sum up, over the past year GRH has seen profits fall to just £383k from over £3m, with net debt rising from £4m to £9.5m.

We have written about the massive programme of expansion Ramsey embarked upon throughout 2007/08, which coupled with the recession has certainly has played a part in the demise of the brand.

What is very interesting however, is right at the end of the story. GRH has to an extent been saved by Ramsey’s book deals and TV contracts, which have undoubtedly allowed the company to survive the first half of 2009. And the article hints at the signs of some sort of recovery for the business. Income is expected to grow into next year, and service resuming at Petrus and Savoy Grill.

Do we spy the faint shoots of economic recovery in the midst of this story? Is our industry on the brink of some brighter days? It is obviously way to early to tell, but it’s nice to hear something positive for a change hey!