Chef MICHAEL CAINES reveals the largest gamble of his profession

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 went on to be awarded two Michelin stars.

A regular on television shows such as The Great British Menu and Remarkable Places To Eat, he 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?

Mum and Dad were both teachers, although Dad had previously been 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 main lesson was, if you did your chores, you got your pocket money. So if you work hard, you get rewarded. My dad would say: ‘If you can’t afford it, don’t buy it.’ We always had meals around the table and we were an engaged family. I helped my mum and cooked at home but I never really thought of it as a career. I always thought I would go into the military.

I found my sister and then I got to meet my birth mother and father. They are both now deceased but my birth father was a great cook, apparently. He was renowned for rustling up lovely meals from nothing. 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 college in Exeter for two years. I had three jobs while I was there. I left home for London at 18 and that was pretty tough. I sofa-surfed for a bit and finally got a room in a house. I couldn’t afford to live in the centre, so I was living on the outskirts. The hours were long and I kept falling asleep on the Tube to the end of the line.

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

Have you ever been paid silly money?

I did an event in Abu Dhabi – it was a pop-up restaurant/diner and I got paid a six-figure sum for my efforts. I later opened a restaurant there.

What was the best year of your financial life?

I had 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 into putting a deposit down on Lympstone Manor. When you invest in something like Lympstone, where I have the biggest stake in the venture, you are putting your destiny in your own hands. You take a lot of risk but ultimately you are able to create something.

The most expensive thing you’ve bought for fun?

A car. It was a six-figure sum. I’ve spent a lot of money over many years on the vanity of having a lovely car. I’ve currently got an Arctic-grey GT3 RS Porsche. On most cars you tend to lose money, but that one hasn’t. When you are having a tough day, it reminds you, because you work long hours, that you’ve got something nice. It gives you a bit of motivation.

What has been your biggest money mistake?

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

Best money decision you have made?

Selling the shares from one hotel and reinvesting in Lympstone Manor.

I had to put my own money in and then later got other people to back me. I’m very lucky that I’ve got Raymond Blanc to turn to – he’s given 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 out to people to help you make the right decision.

Do you give to charity?

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

Do you have a pension?

I have had a personal private pension for a while. I haven’t really contributed a huge amount to that while I’ve been at Lympstone Manor.

Do you own any property?

I havea house that I rent out in Devon, plus my own home and obviously Lympstone.

If you were Chancellor, what would you do?

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

Ultimately, tax has got to be fair in that everybody is seen to be paying their bit. It was a difficult Budget this year, but hopefully next year and beyond that, we will see life become a little easier for everyone.

What is your number one financial priority?

To rebalance the books and get the business in a good, strong position going forward.

There are so many challenges, certainly in hospitality. Staffing is such a large cost and we are a people-driven business.

Ultimately there is a shortage of labour and we’ve got to get the right balance of allowing people in to be able to work, to fill some of the employment gap.

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

• For more visit lympstonemanor.co.uk.

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