Gordon Ramsay has landed a deal that could boost his personal fortune by up to £20 million.

The Michelin-starred celebrity chef has agreed to sell his half of One Potato Two Potato – the production company which makes many of his hit TV shows, such as Ramsay’s Best Restaurant, Gordon’s Great Escape and Gordon Ramsay’s Cookalong Live.

It is being sold to All3Media as part of a takeover of Optomen Television, which co-owns One Potato Two Potato.

The deal is thought to be worth around £40 million if future performance targets are met over a five year period, but could be worth more than £50 million if these measures are exceeded.

Gordon, who is set to remain the company’s director, is understood to be in line for a hefty upfront sum from the takeover, with the remainder of his haul due if the company meets the targets over the next five years.

Gordon’s share of the windfall could be as much as £10 million, or near to £20 million if targets are smashed.

The multi-million pound handout comes as a welcome financial boost after a troubled time for the fiery TV personality.

His restaurant empire has suffered a series of setbacks in recent years, coming close to the brink last year as revenues collapsed while debts and tax bills mounted up.

One of his gastro pubs – The Devonshire in Chiswick, West London – closed earlier this summer.

Gordon said: “Twenty years of working in kitchens has taught me that success is always a team effort, and with the help of the team at All3Media I’m confident we can take things to the next level and soon reach three potato, four potato and more.”