Richard Hammond has revealed how he has used his personal fortune to keep his car restoration business afloat as he opens up about a difficult few years
Richard Hammond has opened up about the financial challenges of running his own business, admitting he has spent huge sums of his personal fortune keeping it afloat.
The former Top Gear presenter, 56, has faced a turbulent few years both professionally and personally, with his marriage ending and his broadcasting partnership with Jeremy Clarkson and James May coming to a close.
But despite the difficulties, Richard is now feeling more optimistic about one of his biggest projects, revealing how things have changed behind the scenes at his car restoration business.
Speaking to The Telegraph, Richard discussed the ups and downs of running The Smallest Cog, the workshop he launched five years ago alongside a team of mechanics and craftsmen. Its journey has been documented in the Discovery+ series Richard Hammond’s Workshop .
He admitted there had been occasions when he questioned whether starting the business had been the right decision.
“We have had moments, just like any business. Plenty of times when you think, ‘I really wish I hadn’t started this.’ But right now we’re in a really good place. We have a fantastic team, who are really motivated.”
Richard also revealed he had personally stepped in to cover the company’s expenses, including staff wages, when finances were tight.
“I have done that, yeah. Fortunes, just to pay people’s salaries. But now it’s just about supporting itself. Which is what I always wanted to do. It’s not going to make me any money, but if it doesn’t take my money, that’s good. I’ve sold a lot of cars to keep this…”
The presenter, who is known for his passion for motoring, still has an impressive collection of vehicles. Among the cars at the workshop are a Land Rover Series 1, a Porsche, a Rolls-Royce, a Jaguar XJ and a Ferrari.
His comments come amid wider changes to his business interests. Earlier this month, it was reported that Hamster’s Wheel Productions, the independent production company he founded with his former wife, Mindy, in 2008, had entered voluntary liquidation after 18 years. The company worked on projects including Richard Hammond’s Blast Lab , Wild Weather and Lab Rats .
Despite its closure, the business was reported to be solvent, with a declaration filed at Companies House revealing £2.3 million in assets and a further £1.45 million owed to it, alongside £176,573 recoverable in corporation tax.
Richard previously revealed on the High Performance podcast that he had also lost a substantial portion of the money he earned from The Grand Tour .
He said: “Don’t forget, I’ve also, in the last two years, lost my father, my dog, my marriage, my house [laughter] and a chunk of the money I earned from The Grand Tour .”
During the podcast, Jake asked about the latest series and pointed out that Richard had invested £500,000 of his own money into the business.
Richard responded: “And since then, I’ve got divorced. So it’s not altogether brilliant.”
Richard has also spoken candidly about the personal losses he has experienced in recent years. His father, Alan, died from cancer aged 80 in February last year, while Richard and Mindy announced their separation in January after nearly three decades together. The final episode of The Grand Tour also marked the end of his 22-year on-screen partnership with Clarkson and May.
Reflecting on the changes, he told The Telegraph: “Yeah, quite a lot’s happened,” before adding: “but they’re the things that happen to people in their 50s, aren’t they? I think we are designed to deal with those things. And coming in here, there’s an air of optimism around the workshop now.”
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Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: mirror.co.uk
