A former The Only Way Is Essex star has spoken about his financial difficulties (Picture: ITV/ Lime Pictures)
Tommy Mallet has revealed he now has just £5,000 in his bank account after once boasting millions.
The former The Only Way is Essex star, 32, appeared on the long-running reality series from 2014 to 2021 and took a brief back before returning last year.
Over the past nine years, Tommy has also made millions from his trainer brand Mallet London, which he co-founded with former business partner Evren Ozka.
However, the pair have spent the last year locked in a bitter feud.
Speaking about his personal life and business ventures, Tommy recently shared that despite once having £4 million behind him, most of it was now gone.
‘I was very cash rich at one point. I’d always have four mil in the bank,’ he said.
Tommy Mallet founded a footwear brand nine years ago but left his company recently (Picture: Tommy Mallet/ Instagram)
‘But now I’ve probably got five grand in and I’m like f***ing hell, how am I going to pay for everything?’ he added while speaking on Ben Gallaga’s Everybody Wants To Be Us podcast.
Tommy, who is married to his former Towie co-star Georgia Kousoulou, built the firm with Evren from scratch in 2015 and raked in millions.
But, over the past year, Tommy, 32, has referenced an ongoing court case centred on Mallet London.
He told how he had offloaded his assets after departing the company in October 2023, but claimed he was unable to speak any further over the details about what had happened.
However, he did share on social media: ‘It’s probably not over, but as it stands I can work and support my family.
He is now unsure how to ‘pay for everything’ (Picture: Everybody Wants To Be Us/ YouTube)
‘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.’
He added: ‘Just call me the monk who’s sold his Ferrari for a bit.’
Since leaving Mallet, Tommy has launched a new footwear company, called CTRNE World.
‘I wanna get to the point where I’m in my 60s and I’m so content I’ve done everything that I was destined to do that I’m a peace with my life. And I’m not going to do that by worrying about everything else,’ he added in the podcast.
However last week his former business partner spoke out after Tommy said he was in a ‘toxic relationship’ with Evren and that ‘all my kids’ money and his family’s were ‘tied up’ in the company.
Tommy is married to former co-star Georgia Kousoulou (Picture: David Fisher/ Rex)
Evren insisted Tommy wanted to shut the company down, saying he was the ‘victim’, as was the company.
‘He said “they owe me money”, that’s not true. During the case all details were looked at and they decided we were right and what he did was ethically wrong and legally we won. The company, since Tommy left, has done really well so we’ll continue to focus on that,’ he told The Sun.
Tommy’s business partner also said he has no plans to change the company’s name, despite being named after the reality star.
This week Tommy also told fans he was set to release a documentary about the rise and fall of his personal empire.
The Only Way Is Essex is streaming on ITVX.
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