New Strictly star Pete Wicks shuts down two companies with £1m debt ahead of show debut
TOWIE’s Pete Wicks will be joining the Strictly line-up leaving a two bust companies with £1 million worth of debt.
Reality star Pete will be hoping that his stint on Strictly Come Dancing will lead to cash-making opportunities after recent business dealings.
The 36-year-old’s personal firm PW Promotions Ltd went bust in February 2023. He signed a “Statement of Affairs” document stating that it was £100k in debt, much of this owed to HMRC and the bank.
But the most recent liquidator’s report says that there have been creditors’ claims have increased by £87, 224.
HMRC is due two amounts – £85,664 in VAT plus £66,702 in corporation tax, as reported in original liquidation filings.
Trade creditors are owed £35,704.
The claims total £180,426 – nearly double the estimate that Pete claimed he owed when the company went into liquidation.
The business – which states its nature as “performing arts” – has zero assets to pay any of this back.
Pete was also a director and co-founder of the clothing firm Happy Brands along with ex-The Only Way Is Essex star Jake Hall, which has performed badly since its inception seven years ago.
In 28 November 2022, it posted heavy accumulated losses of £796,258.
On the same day, Pete and Jake resigned as directors.
A year on from posting those figures, the firm went into liquidation on 13 November 2023 owing £795,463.
Much of this is owed to trade creditors – a whopping £591k to distributor and supply firm Lineside Logistics (Southern) Ltd and a further £150k to Carter Property & Developments Ltd. Barclays are owed £28,830.
Pete’s place on Strictly was officially announced today, with him becoming the first Towie star to ever take part in the BBC One competition.
The news was revealed live on Kiss FM, with Pete saying: “It’s a mixture of excited and absolutely petrified, it’s fear, you can see straight into my soul.”
Away from reality TV Pete hosts podcast Staying Relevant with best mate Sam Thompson.
Revealing Sam’s reaction to the news, Pete continued: “Sam’s planned every Saturday he will be at the show, Sam is the one person who will be there every single Saturday.
“He’s making t-shirts, the guy really needs to get a life.”
Earlier this week The Sun revealed Pete is secretly dating Love Island beauty Maura Higgins.
Onlookers spotted the pair kissing at the Broadwick Soho Hotel last weekend.
An onlooker told The Sun Pete came to join Maura at the posh five star hotel on Saturday evening where she had been having lunch with friends.
They said: “Maura had been sitting on the terrace with friends for an hour before Pete arrived.
“After they’d sat there for a while Maura went in for a long kiss with Pete. It wasn’t the kind of kiss you’d give a friend, it was very passionate.”