TV chef Gordon Ramsey has given shares worth £2.7m to the managing director of his restaurant group, despite turnover falling last year.
Turnover fell from £44.8m in 2013 to £44.7m last year, however, Kavalake, the holding company for the 26 restaurants, shrunk its operating losses to £1.5m from £5.5m the year before, after losing a court battle.
Ramsay handed out the £2.7m bonus to Stuart Gillies, the managing director of his restaurants, saying the performance was “solid”.
“In the context of the current economic environment, I am particularly encouraged by the excellent trading performance of our London and Las Vegas restaurants during the year,” he said.
Gillies will have access to half of the £2.7m share award immediately and will receive the other half in five years.
How rich is Gordon Ramsay?
The 48-year old chef and businessman is worth a reported $47m, which is partly responsible for putting him 58th in the World’s Most Powerful Celebrities 2014 according to Forbes – above Will Smith, Kim Kardashian and JK Rowling.
Ramsay has made most of his money so far from his restaurants and global media empire.