OFF BALANCE
Mystery as Tommy Mallet insists he’s ‘not skint’ despite revealing he’s ‘sold all assets’ after massive tax bill
Tommy launched Mallet back in 2015 and is still the owner of the brand
TOMMY Mallett has insisted he's "not skint" despite selling off his assets.
The former Towie star, who fronted two fashion brands, hit back after sparking claims he had cash flow problems.
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It all started when he stepped down as creative director of his eponymous footwear brand Mallet in October.
He revealed last year: "On the 31st of October I stood down from my role at Mallet London, the company I love and always will do, for many reasons.
"I've done all I set out to accomplish with this brand, and I'm forever grateful for what I've learnt and who I've met."
This week the reality TV star, who is married to Towie's Georgia Kousoulou, 32, offered a fresh insight into his financial affairs after cutting ties with his business partner.
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He told fans in a post on Instagram: "I've sold all my assets to defend myself and starting from scratch.
"But I've got some wonderful companies and I will give it my all to get it back so my family can continue living the life I worked so hard to give them.
"The amount of people who turned on me and backed the wrong horse, I'm not upset with you I'm just disappointed."
Following the news he'd sold all his assets, Tommy denied he was out of pocket.
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He then insisted he still had financial assets, still owned Mallet, and he plugged his younger fashion brand, CTRNE.
In a video last night he attempted to clear up the confusion.
Tommy Mallet hinted at huge money troubles MONTHS ago as Towie star is hit with huge tax bill
Tommy told fans: "I still own Mallet."
He said: "I've been earning money for years now, since 2019.
"I've been paying millions of pounds worth of tax. It's been clear that I've done so.
"To pay tax you've got to earn the money."
Tommy added: "To be honest with you, I would like people to think I've gone skint. It might stop people driving me mad for 10 mins.
"I've been skint my whole life, apart from (the last few) years."
The reality star added that he's in a "very good place" with his businesses.
Tommy said: "In terms of me and my companies, I'm in a very good place, I've got an amazing name in business.
"I've been doing very well for a number of years."
Back in November Tommy confirmed to fans that he "stood down" from his role at Mallet London on 31 October 2023."
Tommy previously spoke about his brands on Brogan Garrit-Smith’s Podcast.
He said last year: "I've got nothing financially at the moment.
"I basically made an acquisition in January, it was quite a big one and it was to buy some shares back for Mallet.
"I put money into Mallet to get my shares back up thinking that I was going to go and basically build the next year, just full force.
"And obviously, after seeing you, I lost the baby. That turned my whole world around and I was like, something needs to change.
"I basically started from scratch. I've got the biggest tax bill ever."
Tommy shot to fame in 2014 when he joined ITVBe's Towie.
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He met his wife Georgia on the show and they tied the knot last year.
The couple share a son called Brody.
How did Tommy Mallet make it?
Tommy's upbringing was what inspired and gave him so much motivation to do well in his career.
The former Towie star grew up on a council estate in London and left school with no GCSEs.
His upbringing was what inspired him to create his own footwear brand - as he was never able to wear fashionable trainers as a kid.
In 2015 he launched Mallet and within five years he made 11.8million sales.
His shoes are sold worldwide in over 150 stores.
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