The Ryan Giggs-owned restaurant George's has been forced to shut shop due to soaring debts of £563,600.
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Ryan Giggs' restaurant closed downThe business was in a six-figure debtStaff members were shocked to hear the newsFollow GOAL on WhatsApp! 🟢📱WHAT HAPPENED?
The Manchester United legend opened the restaurant in Greater Manchester, along with old friends Kelvin Gregory and Bernie Taylor, in 2014. But after running for nearly 11 years, George’s was forced to close down due to their huge six-figure debts. The debts include £129,357 owed to traders, £75,616 in taxes and £44,095 in bank loans and overdrafts. RKB Ventures Ltd, set up by Giggs and his partners, had to be liquated following their massive dues.
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Right before shutting shop, the management sent out a text message to their employees, which read (via ): "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."
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Reacting to the sudden decision to close down the restaurant, a staff member said: "It came totally out of the blue. We were all supposed to be working today and then we got the text messages through, we are all stunned."
WHAT NEXT FOR RYAN GIGGS?
While the restaurant business has now closed down, the former Red Devils star is still involved in property development and the hospitality and fashion industry.