Ramsay TV sell-off may serve up £20m

The Michelin-starred chef has agreed to sell his half of One Potato Two Potato – the production company which makes many of his hit TV shows, such as Ramsay's Best Restaurant, Gordon's Great Escape and Gordon Ramsay's Cookalong Live.

It is being sold to All3Media as part of a takeover of Optomen Television, which co-owns One Potato Two Potato.

The deal, which was first disclosed earlier this week, is thought to be worth around 40m if future performance targets are met over a five-year period, but could be worth more than 50m if these measures are exceeded.

Ramsay is understood to be in line for a hefty upfront sum from the takeover, with the remainder due if the company meets performance targets over the next five years.

Ramsay's share of the windfall could be as much as 10m, or near to 20m if targets are smashed.

The multi-million pound handout comes as a welcome financial boost after a troubled time for the fiery TV personality.

His restaurant empire has suffered a setbacks in recent years, coming close to the brink last year as revenues collapsed while debts and tax bills mounted up. One of his gastro pubs – The Devonshire in Chiswick, West London – closed this summer.

Ramsay said: "I'm very happy to be joining All3Media and look forward to growing One Potato Two Potato in the UK and in America."

He is to remain as a director of One Potato Two Potato. His payoff is said to be disproportionately greater than his stake in the firm as a reflection of his drawing power in key markets.

Tuna takes on different name

Supermarket chain Morrisons is to sell Cornish tuna under a new name in an attempt to make it more appealing to customers.

The Bradford-based company will sell "Coruna" – less popular than yellowfin – from Monday for up to six weeks while it is in season, it said today.

The retailer was the first supermarket to sell Cornish line-caught tuna three years ago. Morrison's took the decision to rebrand the tuna after finding that Britons know little about native fish and are reluctant to try unfamiliar varieties.