Pete Wicks' two businesses have gone bust with £1million of debt ahead of his stint on Strictly Have YOU got a story? Email tips@dailymail.com By Connie Rusk For Mailonline Published: 19:37 BST, 7 August 2024 | Updated: 19:42 BST, 7 August 2024 e-mail View comments Pete Wicks had shut down two businesses after they racked up £1million of debt before signing up to Strictly Come Dancing. The former TOWIE star, 36, will get a bumper boost pay boost by competing in this year's series, which comes after his firms suffered huge financial losses, Pete shut down his personal company PW Promotions Ltd in February 2023, just weeks after his final appearance on the long-running ITVBe show.
The liquidation report published in March this year revealed the company, which was set up to manage his income, owes a total of £180,426 - and it doesn't have any assets to pay the debt back. HMRC is owed £85,664 in VAT and £66,702 in corporation tax, while £35,704 is owed to trade creditors, reports The Sun . Pete Wicks had shut down two businesses after they racked up £1million of debt before signing up to Strictly Come Dancing Pete also suffered a financial blow with his clothing business, Happy Monday, which he launched with fellow ex TOWIE star Jake Hall during their rise to fame on TOWIE in 2017.
But in December 2022, the reality star and Jake withdrew as directors - a month after the full accounts were published revealing the firm was £796,258 in the red. Of the huge debt, £591,902 is.