Joey Essex is facing significant financial challenges with debts totaling £1.3 million from his entertainment business. The popular Love Island personality, who has ventured into boxing, is struggling to repay a £780,000 loan owed to his company, Joey Essex Management Ltd.
According to documents obtained by the Mirror, liquidators are unsure if Joey will be able to settle the director’s loan that is in arrears. Despite signing a Declaration of Solvency just last year, expressing confidence in the company’s ability to clear debts within a year, the situation remains precarious.
Apart from the outstanding loan, Essex, known for his role in the reality show TOWIE, also owes a substantial sum of £497,246. This includes a hefty debt of £442,303 to HMRC for unpaid VAT, PAYE, corporation tax, and legal fees. The company faced legal action from HMRC in the past, leading to a winding-up petition.
Further adding to his financial woes, Joey owes £39,942 to Coutts, a renowned celebrity bank, and £15,000 to Companies House. Recent revelations indicate that his total debts surpass the previously estimated £300,000 tax liability.
As the sole director and shareholder of the company established in 2011, around the time he joined TOWIE, Joey has earned substantial income from various television appearances, such as hosting his show Educating Joey Essex and featuring on programs like Celebs Go Dating, Dancing on Ice, and Love Island. Despite attempts to reach out for comment, Joey has not responded.
In 2023, the company held assets worth £890,000, including a significant cash reserve of £780,000. Joey’s other ventures, JDE Property Limited valued at £100 and Fusey Productions Limited, are currently inactive.
Having recently shut down The Top TT Limited, a company founded in 2023 that failed to submit financial reports, Joey is now focusing on his boxing career, which promises a potential financial boost to settle his debts.
In his boxing debut, Joey reportedly earned £500,000 but faces uncertainty after his opponent expressed intentions to challenge the match outcome. Despite overcoming challenges during the fight against Numeiro, securing a victory in Manchester, the validity of the result has been questioned.
Numeiro, whose real name is Joao Barbosa, is considering an appeal, emphasizing the need for a fair resolution. While talks of a rematch circulate, Barbosa insists on an impartial outcome for their initial bout, suggesting a preference for a rematch outside the UK.
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