Cliff Notes – Gino D’Acampo’s restaurant empire owed seven-figure sum when on the verge of closing
- Gino D’Acampo’s restaurant chain faced £7 million in debt, leading to near-collapse and staff payment issues at My Pasta Bar.
- The company, Upmarket Leisure, was saved in May 2023 through a £5 million buyout, securing jobs for 400 employees and settling £4.2 million in creditor payments.
- Despite recent controversies, D’Acampo plans to expand his culinary empire, with a new restaurant set to open in Malta in June 2025.
Gino D’Acampo’s restaurant empire ‘owed seven-figure sum’ when on the verge of closing
Gino D’Acampo’s restaurant chain was saved from the brink of collapse after falling into £7million worth of debt. The former ITV presenter’s restaurant chain was in deep trouble.
The scandal-ridden TV chef was booted from ITV programming earlier this year after a series of allegations of sexually inappropriate and bullying behaviour from dozens over his career.
It’s not the only crisis the former presenter, who has firmly denied all allegations, has had to navigate with his culinary empire was almost forced to shut down due to amassing an eye-watering amount of debt.
D’Acampo owns restaurants across London, Leeds, Liverpool, Newcastle and Manchester, totalling 11 locations, an Italian ingredients supplier Bonta Italia Ltd, as well as a line of Asda ready meals.
The financial woes, however, became apparent last year when he was unable to pay his staff at his My Pasta Bar chain thanks to the business stacking up £5m worth of losses.
It has now come to light that the controlling company Upmarket Leisure – of which the 48-year-old TV personality owns 10% – owed £5.3m to HMRC and almost £2m to creditors ahead of its near-closure.
He has locations in Liverpool, Manchester and London
This included food suppliers who were owed almost £500,000, a wine dealer due £302,000 and a pasta company waiting for a £4,809 payment.
The statement of affairs, publicly released on June 5, also outlined that Upmarket only had£117,000 in cash at the bank and £320,000 in other assets to cover the debt.
In May, the chain was saved when Upmarket was bought out of administration in a whopping £5m deal which secured the jobs of all 400 staff members.
It also ensured the payment of £4.2m to two major creditors.
At the time, Dean Watson, an administrator Begbies Traynor, said: ‘This very well-recognised group of restaurants will be able to continue, under their existing brand, and has the opportunity to thrive again.
The TV Chef’s culinary empire was bought out for £5m in May
Meanwhile, D’Acampo is gearing up for an imminent TV comeback since his slew of travel and food shows, as well as his regular spot on This Morning, were stopped.
He recently appeared on the radio where he made a series of innuendo-filled, sexually-charged comments towards the female presenter.
Earlier this year, he also shared photos of himself on the set of a new project, both in front and behind the camera, with the promise of an upcoming release date.
His official website still outlines plans to open an international site in Malta this month
Meanwhile, Gino’s official website promises great things ahead, including his career as a restaurateur.
‘Gino is also one of the UK’s most successful restaurateurs, with his restaurant empire growing by the day. Gino currently has 7 restaurants across the UK, plus has recently partnered with the global hotel giants to open restaurants both in the UK and overseas.
‘Malta is the next international site to open in June 2025, in the 5* ME HOTEL, Mercury Towers,’ the site reads.
Stars such as John Barrowman and Keith Lemon’s Leigh Francis have shown their support for the controversial presenter.