30 June 2023 , 15:14
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This Morning star Gino D’Acampo’s restaurant chain has shut down as the business is in over £5million debt.
Liquidators have launched an in-depth investigation, which is reportedly costing a staggering £150,000.
It's set to investigate the conduct of major stakeholders and question why company books have gone missing, according to The Sun.
Investigations are currently ongoing to discover why a creditor for Gino D’Acampo Ltd has suddenly appeared.
In April 2022, the company, which is owned by the This Morning TV chef, 46, and his wife Jessica declared itself solvent and two directors signed a declaration stating that it had no creditors.
Gino D'Acampo says 'there is no need' to call his wife when he's away for work
Gino D’Acampo’s restaurants have shut downThe liquidators have now launched an investigation, which will probe why the debt has suddenly come to light, as well as the conduct of major stakeholders.
The 'whereabouts of the company books and records' will also be investigated.
According to the latest report filed at Companies House, the liquidators’ estimated fees will total £275,276 - £149,459 for the 'investigations'.
This will reflects the 'time spent by us and our staff in dealing with the Company’s affairs', according to official documents.
Liquidation expert and Insolvency Practitioner, Elliot Green of Oliver Elliot Chartered Accountants, told The Sun that the amount the liquidators have estimated for investigation work suggests 'they intend to leave no stone unturned'.
Gino D'Acampo My Pizza restaurant in Manchester (Manchester Evening News)"Plainly it seems they consider there is a substantial amount of investigation work for them unscramble," the expert told.
"Their fee estimate appears to include provision for the possibility of some legal action although they do say no such actions have been decided upon."
The Mirror has contacted Gino's representatives for further comment.
A previous version of this story mistakenly stated Luciano by Gino D'Acampo had closed. We are happy to say that is not the case.