Introduction

In a shocking turn of events, Ryan Giggs' restaurant venture, George's Dining Room and Bar, has officially shut down, leaving significant debts and a host of unpaid employees in its wake.

Financial Troubles

Located in Worsley, Salford, the popular dining establishment closed its doors in February, and recent reports confirm it has an estimated deficiency of over £478,000 owed to its creditors.

Liabilities and Creditors

The financial troubles faced by the restaurant, which Giggs co-founded with friends Kelvin Gregory and Bernie Taylor in 2014, have come to light following a document filed with Companies House.

The restaurant’s liabilities are far-reaching, with ordinary unsecured creditors, including HMRC and various suppliers like Natwest, British Gas, and Carlsberg’s Marton Brewing Company, among those affected.

Giggs' Financial Standing

Giggs himself is owed nearly £100,000, while his business partners, Taylor and Gregory, are owed approximately £13,000 and £53,000, respectively.

Impact on Employees

Furthermore, it's reported that 22 employees have been left in the lurch, collectively owed nearly £40,000 — a stark reminder of the human cost of business failures.

Additional Ventures Struggling

But this isn't the only bad news for Giggs.

His co-owned venue, the Stock Exchange Hotel in Manchester, has also been struggling, recently reporting a staggering pre-tax loss of £2.5 million for 2023, following a loss of £1.8 million in the previous year.

The hotel, which shares ties to the now-closed Tom Kerridge's Bull & Bear restaurant, saw its turnover drop significantly from £5.1 million to £3.9 million.

Ongoing Losses

Despite operating other ventures like Hotel Football, which sits in the shadow of Manchester United's iconic Old Trafford stadium, Giggs and Gary Neville's establishments continue to hemorrhage money.

Hotel Football reported a loss of over £600,000 for 2023, despite an increase in turnover from £6.4 million to £7.8 million for the same period.

Conclusion

As the fallout from these business failures unfolds, the future of Giggs' entrepreneurial endeavors remains uncertain. Fans and business observers alike are left wondering whether this will mark the end of Giggs’ foray into the hospitality industry or if he will regroup and attempt to rise from the ashes.

Stay tuned for updates as more information becomes available on Ryan Giggs and his struggling business ventures!