Joey Essex is facing substantial debts amounting to £1.3 million due to financial issues with his entertainment company. The former Love Island contestant, who has transitioned into boxing, is struggling to repay a £780,000 loan borrowed from his company, Joey Essex Management Ltd.
According to documents obtained by the Mirror, the liquidators are uncertain about Joey’s ability to repay the director’s loan, despite him previously declaring solvency within a year. Additionally, the reality TV star owes HMRC a significant sum of £442,303 in unpaid VAT, PAYE, corporation tax, and court fees, bringing his total debts to £497,246.
Joey, the sole director and shareholder of his company established in 2011, has accumulated debts including £39,942 to Coutts and £15,000 to Companies House. Previously estimated at £300,000, his debts are now revealed to be more extensive. Despite holding assets worth £890,000 in 2023, including £780,000 in cash, his other ventures like JDE Property Limited and Fusey Productions Limited remain dormant.
In a bid to tackle his financial challenges, Joey recently ventured into boxing and reportedly earned £500,000 from his debut fight. However, his victory is now under dispute as his opponent plans to appeal the outcome. In the initial fight held in Manchester, Joey emerged victorious over Numeiro, a Portuguese influencer, despite facing adversity during the match.
Numeiro expressed intentions to seek a fair resolution for their bout, hinting at a possible rematch outside the UK. The outcome of this appeal could potentially impact Joey’s efforts to address his mounting debts.