Chef MICHAEL CAINES reveals the biggest gamble of his career

Television chef Michael Caines, 55, started his career in London before working under Raymond Blanc at Le Manoir aux Quat’Saisons in Oxfordshire, and Joel Robuchon in Paris, writes Margaret Hussey.

He lost his right arm in a car accident in 1994 while at Gidleigh Park in Devon, where he was awarded two Michelin stars.

He regularly appears on television programs such as The Great British Menu and Remarkable Places To Eat and lives outside Exeter with his partner Pippa and their daughter.

He has three other children from previous relationships and is the chef/patron of the Michelin-starred Lympstone Manor in Devon.

What did your parents teach you about money?

My father and mother were both teachers, although my father had previously served in the RAF. I grew up in Exeter and was adopted – I had three older brothers and two older sisters.

We always had chores and the most important lesson was: if you did your chores, you got pocket money. So if you work hard, you will be rewarded. My father always said, “If you can’t afford it, don’t buy it.” We always ate around the table and we were an engaged family. I helped my mother and cooked at home, but I never really saw it as a career. I always thought I would join the military.

I found my sister and then I met my birth mother and father. They are both deceased now, but apparently my biological father was a great chef. He was known for rustling up delicious meals out of thin air. He was originally from Dominica and lived in London.

Have you ever struggled to make ends meet?

When I left school I went to catering school in Exeter for two years. I had three jobs while I was there. I left home for London at the age of 18 and that was quite tough. I couch surfed for a while and finally got a room in a house. I couldn’t afford to live downtown, so I lived on the outskirts. The hours were long and I kept falling asleep on the subway until the end of the line.

Then I went to Oxfordshire to work with Raymond Blanc at Le Manoir aux Quat’Saisons. I spent three years there and learned from the best. It was a wonderful, formative time. He is so passionate and we catch up often. After my accident, I was working part-time in the kitchen at Gidleigh Park after four weeks and full-time after six weeks. The then owner, Mr. Henderson, was very helpful.

Have you ever been given stupid money?

I organized an event in Abu Dhabi – it was a pop-up restaurant/dinner and I was paid six figures for my efforts. Later I opened a restaurant there.

What was the best year of your financial life?

I bought shares in the Royal Clarence Hotel in Exeter and sold them in 2015. That’s probably the most money I’ve ever had in the bank account.

It was reinvested in putting a deposit on Lympstone Manor. When you invest in something like Lympstone, which I have the greatest interest in, you put your destiny in your own hands. You take a lot of risks, but in the end you can create something.

The most expensive thing you bought for fun?

A car. It was a six-figure sum. I’ve spent a lot of money over the years on the vanity of having a nice car. I currently have an Arctic gray GT3 RS Porsche. With most cars you tend to lose money, but not with this one. If you’re having a hard day, it reminds you that you have something fun because you’re working long hours. It gives you some motivation.

What has been your biggest money mistake?

I invested my pension in a start-up luxury goods company. It didn’t work out when Covid came along. It was just bad timing. The idea was great, but unfortunately circumstances were against the company.

Best money decision you’ve made?

Sell ​​the shares of one hotel and reinvest in Lympstone Manor.

I had to put my own money into it and later I got other people to support me. I am lucky to be able to work with Raymond Blanc; he gave me some good advice along the way. I also have a good accountant, while Tony Rowe, from Exeter Chiefs rugby club, has been a great mentor. It’s nice to be able to reach people who can help you make the right decision.

Do you give to charity?

I am one of the trustees of the Exeter Chiefs Foundation, the charity arm of the rugby club. It raises money locally and does great work. I am also involved with Farms For City Children, run by children’s author Michael Morpurgo. It’s important to give time, whether it’s visiting schools or feeding children through a pop-up event.

Do you have a pension?

I have had a personal private pension for some time now. I didn’t really contribute much to that when I was at Lympstone Manor.

Do you have property?

I have a house that I rent out in Devon, plus my own house and of course Lympstone.

If you were Chancellor, what would you do?

I would try to spread the tax burden across society, even if that causes some controversy in the short term.

Ultimately, taxes must be fair, in the sense that everyone does their part. It has been a difficult Budget this year, but hopefully next year and beyond we will see life become a little easier for everyone.

What is your number one financial priority?

To bring the books back into balance and put the company in a good, strong position in the future.

There are so many challenges, especially in the catering industry. Personnel is a huge cost item and we are a people-driven company.

Ultimately, there is a labor shortage and we need to find the right balance between allowing people to work, to fill some of the employment gap.

We can’t find enough people who want to work in the hospitality industry, it’s quite frustrating.

• For more information, visit lympstonemanor.co.uk.