Television chef Michael Caines, 55, began his career in London before working with 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 received two Michelin stars.
A regular on TV shows such as The Great British Menu and Remarkable Places To Eat, he lives on the outskirts of 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?
Both Mum and Dad were teachers, although Dad had previously been in the RAF. I grew up in Exeter and was adopted; He had three older brothers and two older sisters.
We always had chores and the main lesson was that if you did your chores, you got your pocket money. So if you work hard, you will be rewarded. My dad said, ‘If you can’t afford it, don’t buy it.’ We always ate around the table and were a committed family. I helped my mother and cooked at home, but I never thought of it as a career. I always thought I would go to the army.
Fighter: Michael Caines lost his right arm in a car accident
I found my sister and then I met my biological mother and father. They are both deceased, but apparently my biological father was a great cook. He was famous for preparing delicious meals from scratch. 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 worked three jobs while I was there. I left home for London when I was 18 and it was quite hard. I couch surfed for a bit 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.
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 fantastic and formative moment. He is very passionate and we often catch up and chat. After my accident, I went back to work in the Gidleigh Park 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/dining room and I was paid a six-figure sum 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. It’s probably the most money I’ve ever had in my bank account.
It was reinvested to place a deposit at Lympstone Manor. When you invest in something like Lympstone, where I have the largest stake in the company, you are putting your destiny in your own hands. You take a lot of risks but in the end you are able to create something.
Most expensive thing you’ve bought for fun?
A car. It was a six-figure sum. I have spent a lot of money over many years on the vanity of having a nice car. I currently have an arctic gray Porsche GT3 RS. In most cars you tend to lose money, but not in this one. When you’re having a tough day, it reminds you, because you work long hours, that you have something good. It gives you a little motivation.
What has been your biggest money mistake?
With my pension I invested in a new luxury goods company. It didn’t work when Covid hit. It was just a bad time. The idea was great, but unfortunately the circumstances were against the company.
Best money decision you’ve ever made?
Sell shares in a hotel and reinvest in Lympstone Manor.
I had to put up my own money and then I got other people to back me up. I am very lucky to be able to turn to Raymond Blanc; he has 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 good to be able to communicate with people to help you make the right decision.
Do you give to charity?
I am one of the trustees of the Exeter Chiefs Foundation, the charitable arm of the rugby club. He 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 put in the time, whether it’s going to schools or feeding kids through a pop-up event.
Do you have a pension?
I have had a personal private pension for a while now. I haven’t really contributed much to that while I was at Lympstone Manor.
Solid investment: Michael in the kitchen at Lympstone Manor
Do you have any property?
I have a house I rent in Devon, as well as my own house and obviously Lympstone.
If you were chancellor, what would you do?
I would try to spread the tax burden across society, even if that generates some controversy in the short term.
Ultimately, taxes have to be fair in the sense that everyone is seen to pay their share. This year was a tough budget, but we hope that next year and beyond we will see life get a little easier for everyone.
What is your number one financial priority?
Rebalance the books and put the business in a good, strong position for the future.
There are many challenges, certainly in hospitality. Staffing is a very high cost and we are a people-driven company.
Ultimately, there is a labor shortage and we have to strike the right balance to allow people to work and fill some of the employment gap.
We can’t find enough people who want to work in hospitality, it’s quite frustrating.
- For more information visit lympstonemanor.co.uk.
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