Published On: Fri, Apr 30th, 2021

Gemma Collins defiantly plugs her clothing collection’s Bank Holiday Sale

Gemma Collins defiantly took to social media to promote her clothing collection, hot on the heels of reports that the company is racking up debts. 

In a series of stunning images shared on Instagram on Friday, the TOWIE star, 40, showcased her recent weight loss to plug her company’s Bank Holiday sale. 

It was revealed earlier this month that her clothing company is in £22,534 of debt amid spiralling financial problems yet she continued in her self-promotion.  

Bargain: Gemma Collins defiantly took to social media to promote her clothing collection, hot on the heels of claims that the company is racking up debts

Alongside the stunning shots, designed to show off the extensive collection, Gemma penned: ”Girls 50% OFF BANK HOLIDAY HAPPINESS’. 

The reality star flaunted her figure as she posed confidently in each of the floral and lace Spring ready looks, following her incredible three stone weight loss.  

The Bank Holiday sale comes after it was revealed earlier this month that Gemma’s clothing company is in £22,534 of debt after her dad Alan was brought in to sort out her spiralling financial problems. 

In the latest accounts, the TOWIE star’s attire brand paid just £118 in corporation tax last year, which at 19 per cent, means it made just £621 – despite Gemma regularly promoting fashion items to her 2.1 million Instagram followers. 

Plugging: Alongside the stunning shots, designed to show off the extensive collection, Gemma penned: ''Girls 50% OFF BANK HOLIDAY HAPPINESS'

Plugging: Alongside the stunning shots, designed to show off the extensive collection, Gemma penned: ”Girls 50% OFF BANK HOLIDAY HAPPINESS’ 

Progress pics: The reality star flaunted her figure as she posed confidently in each of the floral and lace Spring ready looks, following her incredible three stone weight loss

Wow: The TV star has recently embarked on a new health regime and regularly updates fans on her progress across social media (pictured on Tuesday)

Progress pics: The reality star flaunted her figure as she posed confidently in each of the floral and lace Spring ready looks, following her incredible three stone weight loss (pictured)

Last year, Gemma handed over her finances to her father, who is now the sole director of Gemma Collins Clothing Ltd, after her boutique in Brentwood, Essex, went bust in 2018 – and she was banned from directing a firm for three years. 

When contacted by MailOnline, a representative for Gemma said: ‘These figures don’t reflect the current trading. Following substantial investment, the clothing business has been transformed during the pandemic into an international powerhouse.’

Gemma’s store closed down and was liquidated owing £76,000 to creditors, including nearly £65,000 to the HMRC. As a result, Gemma has been forbidden from holding directorship of a company until 2023.

A statement of the boutique’s receipts and payments show that the business owed £64,489 to HM Revenue & Customs, along with £4,734 to Trade and Expense Creditors and £12,982 to Marlton Properties Ltd – the landlord of her boutique.

Diva: Last year, Gemma handed over her finances to her father, who is now the sole director of Gemma Collins Clothing Ltd, after her boutique in Brentwood, Essex, went bust in 2018

Diva: Last year, Gemma handed over her finances to her father, who is now the sole director of Gemma Collins Clothing Ltd, after her boutique in Brentwood, Essex, went bust in 2018

An investigation launched by the Insolvency Service following the company’s liquidation ruled that it had missed VAT return deadlines. 

At the time, Gemma, who reportedly had a net worth of £2.7 million according to Spear’s Wealth Management, claimed she was moving her Brentwood boutique as homelessness in the area had taken away the ‘fun vibe’.

Sources, however, told MailOnline: ‘It’s not [Gemma’s] only company… in fact she has record earnings last year and has been inundated with offers for 2019. The accounts reflected investment in business.’ 

Discounts: The Bank Holiday sale comes after it was revealed earlier this month that Gemma's clothing company is in £22,534 of debt

Discounts: The Bank Holiday sale comes after it was revealed earlier this month that Gemma’s clothing company is in £22,534 of debt

The former TOWIE star is extremely close to her dad Alan, 73, who has been branded ‘the man behind the diva’ and chose him to sort out her businesses.

She admitted that the shipping boss is in charge of her finances, saying: ‘My dad controls all my money. Seriously, I have to ask him if I want to upgrade my car.’ 

Gemma revealed during an interview on Piers Morgan’s Life Stories that her dad began overseeing her spending after she burned through £50,000 in two months.

Helping hand: Gemma's dad Alan has been brought in to sort out her spiralling financial problems after she was banned from owning a company until 2023 by HMRC

Helping hand: Gemma’s dad Alan has been brought in to sort out her spiralling financial problems after she was banned from owning a company until 2023 by HMRC

The self-confessed millionaire said: ‘I’m a spender. My dad rung me up [and said], “It’s an absolute disgrace! You’ve spent £50 grand in two months up Knightsbridge. But the way I looked at it, it’s £1,000 a day over the course of two months.’

She continued: ‘I was going through a bit of a hard time and I felt disgusted in myself. I went absolutely crazy in Gucci. Shoes, bags, coats.

‘I was staying at the Dorchester more or less every night of the week, at £600 a pop. I was wining and dining in there. I got absolutely massive. I could barely walk.

International powerhouse? Gemma's management told MailOnline that the latest figures don't reflect her brand's success during the pandemic

International powerhouse? Gemma’s management told MailOnline that the latest figures don’t reflect her brand’s success during the pandemic 

‘It was kind of like self-destruction in a way. And I’m pleased my dad took my card off me, because I’m telling you now, I would have ended up in trouble.’ 

And while Gemma revealed that she once earned £75,000 in paid Instagram posts in a single day, her dad still insists on every penny being accounted for.

She told Piers, 56: ‘I’ll say, “Dad I’m going up London today, can I have £1,000?” He’s like, “Well what do you need now?” I’m like, “Nothing, but I don’t want my card getting declined!” There have been times it’s been declined at Gucci.

‘I get a budget. I get an allowance every month,’ said Gemma, as she specified her limit to be £3,000 per month.

Big spender: Gemma's dad is also in control of all of her personal finances after she managed to burned through £50,000 in two months

Big spender: Gemma’s dad is also in control of all of her personal finances after she managed to burned through £50,000 in two months 

‘If it was down to me, I’d be driving around in Bentley. I’d probably move into the Dorchester. But that is not allowed and it’s not accepted and I’m really pleased. It keeps me grounded.’

Away from the finances of her clothing company, Gemma appears to be doing exceptionally well elsewhere, as it was reported in October that she earned £5,000 a week during the long-running COVID-19 lockdown. 

Her firm Gemma Collins Limited is said to be worth more than £253,000 with £226,585 of cash in the bank. According to reports, Gemma has also been able to pay herself a dividend of £98,000. 

Mogul: Away from her clothing brand Gemma reportedly made £5,000 a week during lockdown and paid herself a dividend of £98,000

Mogul: Away from her clothing brand Gemma reportedly made £5,000 a week during lockdown and paid herself a dividend of £98,000

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