LONDON , England ( CNN ) -- Profits at celebrity chef Gordon Ramsay 's British restaurants plunged by nearly 90 percent in the last 12 months . Gordon Ramsay has become as successful on television as he has been off-screen . Run by the Scottish-born chef and his father-in-law Chris Hutcheson , Gordon Ramsay Holdings reported a drop in annual turnover from £41.6 million ( $ 68 million ) to £35 million ( $ 57 million ) in the year to August 2008 , Britain 's Press Association reported Friday . Pre-tax profits plummeted by over £3 million ( $ 4.9 million ) to £383,325 ( $ 627,000 ) , while net debt in the group , which includes London restaurants such as Claridges , Maze and the flagship Royal Hospital Road , soared to almost £9.5 million ( $ 15.5 million ) . With spiraling debts and crippling tax bills , the star of TV shows such as `` Ramsay 's Kitchen Nightmares '' and `` Hell 's Kitchen '' was forced to pump huge amounts of his own money into the business , even selling his prized Ferrari to raise funds , The Guardian newspaper said . Ramsay has attributed his business problems to over-ambitious expansion plans , in addition to the closure of two of his 11 London eateries . The Michelin-starred chef opened ten restaurants between 2007 and 2008 , while The Savoy Grill was forced to close as the Savoy hotel was refurbished , and the lease at the Connaught expired . The 42-year old was also forced to review his company 's international operations , closing restaurants in Paris , Los Angeles and Prague , The Times newspaper reported . `` Ambition overtook me . We thought we could do anything , that we could n't fail , '' PA quoted Ramsay as saying recently . A full review of the group 's operations was instigated in December as part of a refinancing deal with the Royal Bank of Scotland and to help the business get through the troubled economic times . `` 2008 brought its own challenges , not just for our group , but for the industry as a whole and the broader economy , '' Hutcheson told PA. `` Whilst the restructuring has benefited the group , the significant contribution and commitment of all 750 staff to the business has been integral to moving us to a position of strength . '' Ramsay has endured a difficult time recently . Last month he was criticized by Australian Prime Minister Kevin Rudd after reportedly comparing television star Tracy Grimshaw to a pig during a live cooking show in Melbourne . His trademark colorful language also came under fire last year by another Australian lawmaker . However Ramsay told the country 's Channel Nine Network , which broadcasts Kitchen Nightmares and Hell 's Kitchen , that the shows emphasize the `` pressures of working in a restaurant kitchen . ''
Turnover by Gordon Ramsay Holdings drops from $ 68M to $ 57 Million Pre-tax profits plummet by over $ 4.9M to $ 627,000 . Over-ambitious expansion plans , restaurant closures blamed . Ramsay currently owns nine restaurants in London .