Ryan Giggs’ restaurant closed unexpectedly because of debts totaling £563,000

The restaurant owned by Ryan Giggs, named George’s, has been compelled to close due to staggering debts totaling £563,600.

Established in 2014 in Greater Manchester, George’s was launched by the former Manchester United star alongside his close friends Kelvin Gregory and Bernie Taylor. The restaurant quickly gained popularity in the community, known for its inviting atmosphere and hearty food offerings. Unfortunately, after nearly 11 years of service, the establishment could no longer sustain itself in the face of overwhelming financial burdens, culminating in its closure. The debts accrued over the years include £129,357 owed to suppliers, £75,616 in tax obligations, and £44,095 related to bank loans and overdraft facilities. As a result of these financial difficulties, the company RKB Ventures Ltd, created by Giggs and his partners, was forced into liquidation due to the accumulated liabilities.

In an emotional announcement to their team, management sent a text message notifying staff of the immediate closure, stating (as reported by The Sun): “Bosses regret to announce that with a heavy heart, we have no alternative but to close George’s effective immediately. This is due to the obvious reduction in trade and business against the huge increases in costs of operating the business and the ongoing cost of living crisis.” The abrupt nature of this message left staff members in a state of shock.

One employee shared their feelings regarding the closure, saying, “It came totally out of the blue. We were all supposed to be working today when we received the text messages. It’s hard to process.” Many team members had invested years into building the restaurant’s community vibe and nurturing relationships with loyal customers, making the sudden closure all the more disheartening for them.

Despite the unfortunate end to George’s, Ryan Giggs remains actively engaged in other business pursuits. He is continuing to explore interests in property development, as well as extending his influence in the hospitality sector and the fashion industry. His ability to pivot and embrace new opportunities reflects his entrepreneurial spirit, proving that setbacks can lead to new beginnings. The story of George’s serves as a cautionary tale in the restaurant industry, highlighting the volatility often faced by entrepreneurs in this competitive landscape, particularly against the backdrop of rising operating costs and economic challenges that have been increasingly impacting businesses across the board.