Gordon Ramsay is a great chef. That is his number 1 core equity. He also has bags of energy and enthusiasm which makes him appealing to the consumer. That is core equity 2. Restaurants where core equity 1 should be demonstrated will lose their appeal if the chef distances himself too far from them. Hence why we think, GRH, which owns 25 eateries worldwide, should be smaller. It has had to renegotiate a £10.5 million loan with the Royal Bank of Scotland. Ramsay and his father-in-law, Chris Hutcheson, GRH’s chief executive, have given personal guarantees of £1.6 million and £500,000 to secure bank loans.There is an issue of a recession but we think Claridges and Royal Hospital Road are fab but he should only keep those he can sometimes work in himself to keep the magic alive.