TOM AIKENS is a Michelin-starred chef who started working in London with
Pierre Koffman at La Tante Claire before heading to France to work under
Joel Robuchon in Paris and Gerard Boyer in Rheims.
He returned to London as the head chef at Pied à Terre in 1996, becoming the
youngest holder of two Michelin stars, although he left after he was accused
of “branding” a trainee chef with a hot knife. Following time out of the
limelight, he opened his own restaurant in Chelsea, Tom Aikens, in 2003. Tom
is now promoting a new fish-and-chips restaurant, Tom’s Place, and his
takeaway range at Selfridges.
Born in Norwich, Tom, 37, lives with his second wife, Amber Nuttall, 30, a
marketing consultant, in Battersea.
Cash or cards?
I have a British Airways Amex card and I have a Visa card. I’m fairly
controlled with them, though with the Amex I’m sometimes a little bit
naughty. I went on a preChristmas shopping jaunt in New York a couple of
weekends ago and spent quite a bit of money.
Are you a saver or a spender?
I try to save monthly but I am very good at spending too. I try to put the
maximum in a cash Isa every year, which I chose after talking it over with
the manager at Royal Bank of Scotland. I dip into it now and again when I’m
short of a few pennies or going on holiday.
How much did you earn last year?
I’d prefer not to say exactly – it’s a comfortable five figures. I’ve had my
Tom Aikens restaurant for some time, but Tom’s Place and Tom’s Kitchen are
very, very new. They are not generating any money.
Compared with what other chefs are paid, I’m very middle of the road. People
think, God he’s got four restaurants, he must be absolutely loaded, but it’s
far from the case. There is obviously an investment period when you make
nothing. In three years or so, that initial investment is made back. It is
only then that you may be looking at profitability.
How much was in your first pay packet?
I did summer jobs as a teenager, and I also worked for farmers in Norfolk,
picking and packing fruit and vegetables in their glasshouses. I was 14, and
I was probably taking home £60 a week.
My first pay packet as a chef was as a commis chef working 80 hours a week at
Cavalier’s Restaurant in Battersea. That was just over 15 years ago, and I
was paid about £65 a week. Not much, but it was a privilege to work in a one
Michelin star French restaurant.
When you start in a kitchen today, you can earn around £12,000 to £17,000 a
year. If you stick with it though, you could be earning £30,000 to £40,000
in about five years.
I don’t think top chefs in this country are overpaid – it’s a very demanding
and stressful job. They’re certainly not as overpaid as some footballers.
Have you been hard up?
When I left Pied à Terre under all that cloud, I went on holiday for the
millennium to Mauritius and then returned to mortgage payments and a few
solicitor’s bills. I got into several thousand pounds worth of debt. It
could have got to the stage where I lost my house.
I had a friend who suggested I sign up to an agency dealing with private
clients. They sent me to Andrew Lloyd Webber.
It was good fun. He was a bit like me – a bit crazy, very passionate, creative
and very driven. He was fond of simple foods like braised lamb shanks or a
beef stew. It was great because it didn’t involve the stress of working in a
commercial kitchen, which helped clear my head.
I was very young, 26, when I became a head chef at La Tante Claire. I thought
I knew everything but I didn’t. My head was just completely blown by the
stress, but I just had an underlying stubbornness which helped get me
through. I am more level-headed now.
What is the most lucrative work you have ever done?
Probably doing private dinners. I do about four a year. The usual fee is tens
of thousands of pounds, but it depends largely on the occasion. I’ve heard
some chefs earning hundreds of thousands for a single event.
Is the restaurant scene in the UK overpriced?
I know the food in some of the top restaurants can seem a little overpriced.
Good food is expensive, so you pay for what you get. By sourcing food
locally and insisting on using only sustainable stocks, the cost of the food
increases. If I buy some sea bass, for example, I know exactly where it’s
come from, and it’s fresh, but I could easily be paying £16-£24 a kg.
We do what we can to help local and sustainable fisheries and producers. We
use recycled paper where we can – for the napkins for example.
Do you have a money weakness?
Yes, clothes. Fashion has always been a passion of mine. Even at the age of
14, I spent a lot of my earnings on clothes.
What is the most extravagant thing you have ever bought?
It’s probably a bike. I love racing and the latest is a White Look 585 which
cost about £5,500. I did a race in the Alps this summer. I did 116 miles,
going up to 3,500ft. It was exhausting and very painful. I’ve never been in
such pain, but I like to keep myself fit – it’s important for the job.
What property do you own?
My wife and I have a flat together. I’m not on the mortgage – the place is in
her name. It’s a two-bedroom flat with a kitchen, dining room, sitting room,
walk-in wardrobe and no garden.
What’s better – property or pension?
Property. I don’t have a pension but I will probably start one. I still think
overall you won’t really lose money on your property, although at the
moment, prices are a bit crazy and there’s definitely going to be a downturn
next year.
Are you financially better off than your parents?
Well, I don’t tend to ask my parents that! In terms of other areas of life –
I’m not talking financially – they are probably better off. In terms of hard
money, I wouldn't really know.
My father and my grandfather were wine merchants and travelled a lot to
France. My mum was a very good cook and I think these two things instilled a
passion in me for good food. The other thing that helped was that you didn’t
need any qualifications – I left school without any.
What has been your best investment?
When I first came to London with my twin brother in 1991-2 we bought a
two-bedroom property in Clapham. We bought it for £75,000 and kept it for
five years, after which we almost quadrupled our money.
What aspect of our taxation system would you change?
I’d scrap the higher rate tax band so everyone pays the same level of tax.
Though since I'm a higher-rate taxpayer I’m obviously a bit biased!
What is the most important lesson you have learnt about money?
When I was scraping the barrel I realised that you have to have a little in
the back pocket, which is why I save every month. I’m only talking a few
hundred pounds, but I need the security of knowing I have funds in case of
an emergency.
