Ryan Giggs has reportedly been hit with a huge £40k wage bill after his restaurant went bust over spiralling £563k debts.

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Giggs had to shut down his restaurant in FebruaryOwes close to £40k to 22 workersInvested £100,000 back in 2014Follow GOAL on WhatsApp! 🟢📱WHAT HAPPENED?

Giggs' restaurant, George’s Dining Room and Bar, located in Worsley near Manchester, ceased operations in February without prior warning. According to recently filed records with Companies House, the establishment owes its 22 employees a combined total of £39,986 in wages, as reported by Beyond unpaid salaries, the restaurant has accumulated financial liabilities reaching £495,145. These debts were disclosed in an official Statement of Affairs regarding the company's voluntary liquidation, which was submitted just days ago.

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Giggs had invested £100,000 of his own money into the venture, funds that now seem unlikely to be recovered following the restaurant’s collapse. In addition to wage arrears, the company owes significant amounts to others, including £117,000 to HM Revenue & Customs for unpaid tax and National Insurance contributions. A further £15,000 is outstanding for gas bills, while NatWest Bank is owed £35,000.

DID YOU KNOW?

Giggs had launched George’s Dining Room and Bar in 2014 alongside business associates Kelvin Gregory and Bernie Taylor. Both partners are also facing financial losses due to the liquidation, with Taylor reportedly being owed close to £13,000, while Gregory is set to lose over £53,000.

WHAT NEXT FOR GIGGS?

Despite this setback, Giggs has been involved in other business ventures, notably teaming up with former Manchester United teammate Gary Neville. The duo co-founded the GG Hospitality Group, which successfully launched Hotel Football near Old Trafford, as well as the luxury Stock Exchange Hotel in Manchester's city centre.