Former Manchester United star, Ryan Giggs, has reportedly been hit with a hefty £40k wage bill following the sudden closure of his restaurant due to spiralling debts amounting to £563k.
Giggs' restaurant, George’s Dining Room and Bar in Worsley near Manchester, ceased operations abruptly in February. According to recent records filed with Companies House, the establishment owes its 22 employees a combined total of nearly £40k in wages. Beyond unpaid salaries, the restaurant has accumulated financial liabilities reaching an alarming figure of £495,145.
The debts were disclosed in an official Statement of Affairs regarding the company's voluntary liquidation submitted just days ago. This unexpected shutdown left not only employees but also sports fans and sports betting enthusiasts surprised.
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Giggs had invested a substantial sum of his own money into this venture - around £100,000 back in 2014 - funds that now seem unlikely to be recovered following the collapse.
The company is under significant financial strain, owing a staggering sum of £117,000 to HM Revenue & Customs for unpaid tax and National Insurance contributions. Additionally, there's an outstanding amount of approximately £15,000 due for gas bills. Furthermore, NatWest Bank is also awaiting repayment of around £35K.
Giggs launched George’s Dining Room and Bar alongside business associates Kelvin Gregory and Bernie Taylor who are also facing financial losses due to this liquidation. Taylor is reportedly being owed close to £13K while Gregory stands at a loss exceeding over£53K.
What's next for Giggs?
Despite this setback on his entrepreneurial journey, Giggs remains involved in other business ventures. He notably teamed up with former Manchester United teammate Gary Neville co-founding GG Hospitality Group which successfully launched Hotel Football near Old Trafford and the luxury Stock Exchange Hotel in Manchester's city centre.
This unfortunate incident serves as a reminder of the risks involved in business ventures, even for successful sports personalities. As fans and followers of Giggs, we hope to see him bounce back from this setback and continue his entrepreneurial journey with success.
