Gemma Collins took to social media to promote her clothing collection, in the wake of reports the company is racking up debt.
In a series of stunning images shared on Instagram on Friday, the TOWIE star, 40, showcased his recent weight loss to set up his company’s holiday sale.
It was revealed earlier this month that her clothing business is £ 22,534 in debt amid spiraling financial woes, but it has continued its self-promotion.
Bargain: Gemma Collins took to social media to promote her clothing collection, following claims the company was in debt of £ 22,000 and earned just £ 621 last year
The reality TV star flaunted her figure as she posed confidently in each of the floral and lacy looks ready for spring after her incredible three stone weight loss.
The holiday sale comes after it was revealed earlier this month that Gemma’s clothing company is in debt of £ 22,534 after her father Alan was made to deal with his spiraling financial woes.
In the latest accounts, star clothing brand TOWIE paid just £ 118 in corporate tax last year, which at 19% means it only earned £ 621 – despite Gemma regularly promoting fashion items to her 2.1 million Instagram followers.
Hookup: Next to the stunning shots, designed to show off the vast collection, Gemma wrote: “
Progress photos: The reality TV star flaunted her figure as she posed confidently in each of the floral and lacy looks ready for spring, following her incredible three stone weight loss (pictured, left)
Last year Gemma handed over her finances to her father, who is now the sole manager of Gemma Collins Clothing Ltd, after her store in Brentwood, Essex went bankrupt in 2018 – and she was banned from running a business for three years.
Contacted by MailOnline, a representative for Gemma said: “These figures do not reflect current trade. As a result of substantial investment, the clothing industry has transformed during the pandemic into an international power.
Gemma’s store closed and was liquidated owing £ 76,000 to creditors, including nearly £ 65,000 to HMRC. As a result, Gemma was barred from serving as a director of a company until 2023.
A statement of receipts and payments from the shop shows the company owed HM Revenue & Customs £ 64,489, as well as £ 4,734 to trade and expense creditors and £ 12,982 to Marlton Properties Ltd – the owner of its shop.
Diva: Last year, Gemma handed her finances over to her father, who is now the sole manager of Gemma Collins Clothing Ltd, after her store in Brentwood, Essex went bankrupt in 2018.
An investigation launched by the Insolvency Department following the liquidation of the company concluded that it had failed to meet the VAT return deadlines.
At the time, Gemma, who reportedly had a net worth of £ 2.7million according to Spear’s Wealth Management, claimed she was moving her shop to Brentwood as roaming the area took away “the mood. fun “.
Sources however told MailOnline: “It is not [Gemma’s] only company… in fact, it had record revenues last year and was inundated with offers for 2019. The accounts reflected investment in companies. ‘
Discounts: Bank Holiday sale comes after it was revealed earlier this month that Gemma’s clothing company is in debt of £ 22,534
The former TOWIE star is extremely close to his father Alan, 73, who has been called “the man behind the diva” and has chosen him to sort out his affairs.
She admitted that the boss of the expedition was in charge of her finances, saying, “My father controls all my money. Seriously, I have to ask him if I want to improve my car.
Gemma revealed in an interview with Piers Morgan’s Life Stories that her father started overseeing her spending after spending £ 50,000 in two months.
Helping Hand: Gemma’s dad Alan was tricked into spiraling financial woes after being banned from owning a business until 2023 by HMRC
The self-confessed millionaire said, “I’m a spendthrift. My father called me [and said], “It’s an absolute disgrace! You spent £ 50,000 in two months up to Knightsbridge. But the way I saw it, it’s £ 1,000 a day for two months.”
She continued, “I was going through a bit of a rough time and felt disgusted with myself. I have gone completely crazy about Gucci. Shoes, bags, coats.
“I was staying at the Dorchester more or less every night of the week, for £ 600 a pop. I drank and dined there. I have become absolutely huge. I could hardly walk.
An international power? Gemma management told MailOnline latest numbers do not reflect their brand’s success during the pandemic
“It was kind of like self-destruct in a way. And I’m glad my dad took my card away, because I’m telling you now, I would have ended up in trouble.
And while Gemma has revealed that she has already earned £ 75,000 in paid Instagram posts in a single day, her father still insists that every penny should be counted.
She told Piers, 56: “I’m going to say, ‘Daddy I’m going up to London today, can I have £ 1,000? He said to me, “Well, what do you need now?” I say to myself “Nothing, but I don’t want my card refused! There were times when it was declined at Gucci.
“I get a budget. I get a stipend every month, ”Gemma said, noting that her limit was £ 3,000 per month.
Big spender: Gemma’s dad is also in control of all of her personal finances after managing to spend £ 50,000 in two months
“If it were up to me, I would be driving in a Bentley. I would probably move into the Dorchester. But it’s not allowed and it’s not accepted and I’m really happy. It allows me to keep my feet on the ground.
Away from the finances of her clothing business, Gemma appears to be doing exceptionally well elsewhere, as it was reported in October that she was earning £ 5,000 a week during the long-lasting COVID-19 lockdown.
His company Gemma Collins Limited is said to be worth over £ 253,000 with £ 226,585 in the bank. According to reports, Gemma was also able to pay herself a dividend of £ 98,000.
Mogul: Away from her clothing brand Gemma reportedly earned £ 5,000 a week during lockdown and paid herself a dividend of £ 98,000