Richard Hammond says he spent a 'fortune' paying staff amid money struggles

Richard Hammond has revealed the financial strain of operating his own business, admitting he has poured substantial amounts of his personal wealth into sustaining it.

The former Top Gear host, 56, has endured a challenging period in recent years, both in his career and private life, with his marriage breaking down and his on-screen collaboration with Jeremy Clarkson and James May drawing to an end.

However, despite these setbacks, Richard is now expressing renewed confidence about one of his most ambitious ventures, revealing how circumstances have changed at his car restoration business.

In conversation with The Telegraph, Richard reflected on the highs and lows of operating The Smallest Cog, the workshop he established five years ago with a team of mechanics and craftsmen. The venture has been chronicled in the Discovery+ programme Richard Hammond's Workshop.

He acknowledged there had been moments when he doubted whether launching the business had been a wise choice, reports the Mirror.

"We have had moments, just like any business. Plenty of times when you think, 'I really wish I hadn't started this.' But right now we're in a really good place. We have a fantastic team, who are really motivated."

Richard also disclosed that he had personally intervened to meet the firm's outgoings, including staff salaries, during periods of financial difficulty.

"I have done that, yeah. Fortunes, just to pay people's salaries. But now it's just about supporting itself. Which is what I always wanted to do. It's not going to make me any money, but if it doesn't take my money, that's good. I've sold a lot of cars to keep this.."

The motoring enthusiast, renowned for his love of cars, maintains an enviable collection of vehicles. Among the vehicles housed at the workshop are a Land Rover Series 1, a Porsche, a Rolls-Royce, a Jaguar XJ and a Ferrari.

His remarks come amid broader shifts in his business interests. Earlier this month, reports confirmed that Hamster's Wheel Productions, the independent production company he established with his former wife, Mindy, in 2008, had gone into voluntary liquidation after 18 years of trading.

The company produced programmes including Richard Hammond's Blast Lab, Wild Weather and Lab Rats.

Despite winding down operations, the firm remained financially sound, with documents lodged at Companies House showing £2.3 million in assets and an additional £1.45 million owed to the company, plus £176,573 recoverable in corporation tax.

Richard had previously disclosed on the High Performance podcast that he had also suffered significant financial losses from his earnings on The Grand Tour.

He said: "Don't forget, I've also, in the last two years, lost my father, my dog, my marriage, my house [laughter] and a chunk of the money I earned from The Grand Tour ."

During the podcast, Jake asked about the latest series and noted that Richard had invested £500,000 of his own money in the venture.

Richard replied: "And since then, I've got divorced. So it's not altogether brilliant."

Richard has previously opened up about the personal losses he has experienced in recent years. His father, Alan, died from cancer aged 80 in February last year, while Richard and Mindy confirmed their separation in January after almost three decades together.

The final episode of The Grand Tour also marked the end of his 22-year on-screen partnership with Clarkson and May.

Speaking about the upheaval, he told The Telegraph: "Yeah, quite a lot's happened," before adding: "but they're the things that happen to people in their 50s, aren't they? I think we are designed to deal with those things. And coming in here, there's an air of optimism around the workshop now."