Gino D’Acampo has reportedly called in liquidators for his My Pasta Bar chain over staggering debts worth £5 million.
The TV chef's venture, which he started in 2012, owes £4,939,332 to 49 creditors, the Mirror reports.
It is understood that the grab-and-go pasta bar, which has three outlets all in London, also owes £113,975 to HMRC and £37,887 in staff wages.
The Mirror has approached a representative for Gino D'Acampo for a comment.
Records on Companies House confirm 45-year-old Gino, whose real name is Gennaro Sheffield D'Acampo, has put the company into liquidation.
When a company goes into liquidation its assets are sold to repay creditors and the business closes down.
In November, it came to light on Companies House, that the Italian chef had set up a new 'management consultancy' firm for his son Luciano.
Gino, who is thought to earn around £2 million a year, also put £821,494 into bricks and mortar in his new property investment firm.
The celebrity chef is all about investing his hard-earned cash and even set up an investment company to rent and buy and sell real estate.
Accounts for his firm Gino D’Acampo Holdings shows that he has a total of £1.65 million in investments – which includes £821,494 in property.
The firm also holds £1 million in cash.
Another of his companies, Gino D'Acampo Ltd, banks the money he makes from being on TV, which includes £1.045 million.
Last week, it emerged that Gino's restaurant business will branch out into Cheshire for the first time.
The bosses of restaurant chain Piccolino confirmed they are pulling out of their Alderley Edge site from Tuesday, January 4.
It is set to swiftly become Luciano, the new "premium" Italian restaurant brand that Gino launched in London earlier in the summer.
The restaurant, named after Gino's eldest son, has already set up its own Instagram page "Luciano Alderley Edge".
Speaking on the impending opening, Gino said: "I have many friends in Alderley Edge and the surrounding areas, it's an amazing place and one in which I'm super excited to open.
"The location on London Road couldn't be any better, it's a fantastic property.
"I'm looking forward to spending time here with my amazing team and incredible, loyal guests."
Gino lives in a Grade II listed seven-bedroom townhouse in Hertfordshire and also has a holiday home in Sardinia.
The charismatic personality also has an impressive car collection - including two flashy Ferrais and a Porsche.
He said in an interview with OK! : "I drive... I own a couple of Ferraris, like many Italians, as well as a Porsche, big jeep and Harley Davidson.
"I rarely drive, however, because I enjoy a drink. I employ a driver instead."
