While the 41-year-old television star has been enjoying a successful career in the UK, sources say she wasn't ready to give it all up and turned down Ged's offer to move with him to Los Angeles.
"Lorraine feels that her career has got real momentum at the moment, and didn't want to make such a big move," an insider told The Mail on Sunday.
After four years together, the former Sony Music chairman and chief executive had wanted to take their relationship to the next level, but it seems Lorraine, well known for her presenting days on Baking Made Easy and Fast, Fresh & Easy Food among other shows, wasn't ready to commit.
"She's settled in London and everything is really on the up with her TV shows and books. She just couldn't commit to a move across the Atlantic and the relationship has broken down.
"Ged is devastated about the break-up, but Lorraine just didn't feel the timing was right. They're both very cut up over it.
"Obviously they got engaged, which was a huge step, but she just didn't feel able to commit and there doesn't seem to be any way back for them."
The couple first met through mutual friends at London's Claridge's Hotel in 2009. Not long after, Lorraine introduced Ged to her teenage daughter Ella, from her previous marriage to musician Count Kaz Balinski-Jundzill.
The music and film executive is said to have played a big part in negotiating Lorraine's publicity deals while she in turn helped support him, by encouraging Ged to set up his own business after he was made redundant by Sony Music.