Reality television star Joey Essex has suffered a massive financial blow as his management company has collapsed into administration with debts exceeding £1.2 million, The Daily Mail can reveal.
The 33-year-old TOWIE icon's firm, L2 Management Limited, which handled his lucrative entertainment career, officially entered administration last month, leaving numerous creditors unpaid while Essex himself continues to enjoy a lavish celebrity lifestyle.
The Staggering Numbers Behind the Collapse
Documents filed with Companies House paint a grim financial picture. The company owed a total of £1,269,692 to various creditors, including substantial sums to HM Revenue & Customs. Despite these enormous liabilities, the company's assets were valued at a mere £2,815, making repayment impossible.
Among the largest creditors were HMRC, owed £117,000, and Essex's own father, who was due £30,000. The administration process revealed that unsecured creditors are unlikely to recover any of their funds.
A Tale of Two Financial Realities
Ironically, while his company was sinking under massive debt, Joey Essex's personal career was reaching new heights. During the company's financial decline, Essex was earning approximately £15,000 per episode on ITV's Dancing on Ice and reportedly purchased a £1.4 million mansion in Hertfordshire.
The reality star, who found fame on The Only Way Is Essex, continued to maintain his trademark glamorous lifestyle, frequently sharing images of luxury holidays, designer outfits, and expensive cars on social media throughout the company's financial troubles.
The Administration Process
Administrators from Wilson Field were appointed to handle the company's affairs. Their report indicated that the company's financial problems were exacerbated by the COVID-19 pandemic, which caused significant disruption to the entertainment industry.
Despite efforts to turn the company around, the directors concluded that administration was the only viable option. The company has now ceased trading, and all remaining affairs are being handled by the appointed administrators.
This business collapse serves as a stark reminder of the volatile nature of entertainment management, even for high-profile celebrities like Joey Essex who maintain successful on-screen careers while their business ventures falter behind the scenes.
