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Gino D’Acampo’s Restaurants Saved After Scandalous Sacking and Financial Crisis

BBG News

According to reports, Gino D’Acampo’s final restaurants have apparently been rescued from shutting down following his dismissal from his television endeavors due to a controversy.

It appears that Upmarket Leisure Ltd, the company responsible for managing restaurants, has reportedly faced issues with accumulating debt and a proposed sale of the company failed to materialize.

Based on The Sun’s report, HMRC filed a court petition in March to wind up the company, and they submitted an application for an administrator to be appointed on Tuesday.

In an exciting turn of events, I’m thrilled to share that the beloved Upmarket chain has been successfully rescued through a £5 million acquisition, pulling it back from administration. This means that all five of its venues will continue to thrive and serve our community. The news comes as a breath of fresh air, and I can’t wait to see what the future holds for this cherished part of our lifestyle scene.

It seems that this agreement is aimed at preserving the employment of approximately 400 workers across the restaurants located in London, Leeds, Newcastle, and Manchester.

As a die-hard fan, I can’t help but share my excitement about the news from Dean Watson, an administrator at Begbies Traynor. He shared with The Sun that this iconic restaurant group, which has been a staple in many of our lives, will not only survive but also have the chance to flourish once more, all under its original brand name. This is music to my ears!

Over the past few months, the TV cook has been under scrutiny due to several allegations of unacceptable conduct towards females, claims he has refuted.

After the allegations emerged during an investigation, ITV decided to remove all of Gino’s programs from their future lineup.

According to an informant, he found himself in a tricky predicament, and ITV wanted to avoid a scenario similar to that with the BBC featuring Gregg Wallace or repeating the situation of Schofield. To ensure they were well-prepared, they took all necessary precautions.

However, the chef is all set for his comeback on television, as he recently disclosed that he’s been shooting a fresh series in Ireland.

In a post, Gino showcased a set of images, depicting him at work as an automotive technician while his face was smeared with grease. These photos were taken during filming sessions for a suspenseful TV show.

In the financial report of Upmarket for the period ending March 2023, losses escalated significantly from a staggering £559,000 to a substantial £1.475 million. At that point, the company owed its creditors approximately £5.8 million.

According to The Sun, employees at the company were supposed to receive their pay a week ago but were informed about a delay. Since then, some of them have already been compensated.

One individual remarked: ‘Many individuals are extremely frustrated, with some choosing to resign. Each day, we hear promises that payment is imminent.’

As reported by the source, Upmarket has issued an apology for delayed payments, explaining that they encountered administrative banking problems which hindered their ability to process payroll on time.

Last week, Gino posted a video showcasing him giving warm embraces to numerous team members at his restaurants spread throughout the nation.

He completed a tour of restaurants across the entire UK, visiting both @ginomyrestaurant and @lucianobyginodacampo. You two really make it all worthwhile. Thanks, GDx.

Previously, there was news that Gino amassed approximately £6 million over the past two years. This came after allegations arose that he had not only failed to pay £5 million to his ex-employees and taxes but also shut down his restaurant chain, My Pasta Bar, in 2022.

It appears that Gino significantly improved his fortune when he earned approximately 5 million pounds collectively from the three businesses he jointly operates with his spouse, Jessica.

According to documents obtained by The Sun, Gino D’Acampo Holdings achieved unprecedented earnings amounting to £4,893,220, while Gino D’Acampo Ltd reported profits totaling £417,097, and his talent agency MeMs Agency generated £408,197 in profit.

The establishment, My Pasta Bar, had to bring in bankruptcy administrators only two years ago, following disclosure that it had been losing significant amounts annually for a full decade during its operation.

He had restaurants located in Fleet Street, Leadenhall Market and Bishopsgate, London.

As a steadfast upholder of my professional reputation, I found myself compelled to refute allegations that I fell short in disbursing substantial sums to my staff and the tax authorities upon the demise of my business empire.

As a dedicated follower, I am sharing my perspective on the recent speculations about me and my financial situation following the closure of My Pasta Bar in 2022.

In this statement, I would like to clarify that I have never intentionally failed to meet any financial obligations related to the business, nor have I ever avoided paying creditors or suppliers. The liquidation process was a complex and unfortunate outcome due to unforeseen circumstances beyond my control. I am committed to addressing all outstanding issues in an open and transparent manner, and I remain hopeful for a resolution that satisfies everyone involved.

I appreciate the continued support and understanding from my fans, colleagues, and friends during this challenging time, and I look forward to focusing on new opportunities ahead.

In my professional opinion, as a lifestyle expert, it has been reported that approximately 49 entities were not remunerated on time, with an outstanding debt of around £4.8 million to trade partners, slightly over £113,000 to Her Majesty’s Revenue and Customs (HMRC), and just under £53,000 to staff members.

However, Gino countered by asserting that his approach is to ensure that victories outweigh losses.

In summary, the company reported that the funds obtained from liquidation were not enough to distribute a portion of those funds (a dividend) to unsecured creditors, as the costs associated with the proceedings had to be covered first.

In the company, significant contributors were Gino, holding a 10% share, and IRG, possessing 85%. The remaining 5% was owned by Vernon Lord.

The International Retail Group (IRG) is currently under the ownership of Malcolm Walker, founder of Iceland, and Tarsem Dhaliwal, its CEO. Earlier, Gino was associated with a food line offered by this major supermarket chain.

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2025-05-02 03:22

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