TOMMY Mallet has confessed to having just £5,000 in his bank account – despite it previously topping £4million.
The Towie star, 32, made the admission in a podcast as he opened up about his personal life and business ventures.
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Tommy made his 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 with each other.
Tommy spoke candidly about his bad luck in business while chatting on Ben Gallagha’s Everybody Wants To Be Us podcast.
He said: “I was very cash rich at one point. I’d always have four mil in the bank.
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“But now I’ve probably got five grand in and I’m like f***ing hell, how am I going to pay for everything?”
Mallet London has taken the footwear world by storm over the last nine years.
Tommy, who is married to his former Towie co-star Georgia Kousoulou, built the firm with Evren from scratch in 2015.
They worked from Evren’s premises and the business exploded, making them millions.
However, over the past year, Tommy has spoken cryptically about 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 his lips were legally sealed over the details about what had happened.
Tommy did, however, write on social media: “It’s probably not over, but as it stands I can work and support my family.
“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.”
In his new podcast chat with Ben, Tommy teases about how a court order banning him from speaking to certain retailers is about to be listed.
He also opens up about his brand new footwear company CTRNE World and insists: “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.”
This week, in addition to the podcast, Tommy has told fans that he is releasing a documentary about the rise and fall of his personal empire.
He wrote on Instagram: “We don’t sell story’s to the media where we are from… so we decided to swerve our right to reply and film a documentary.. From concept to court rooms… Ego is the enemy, coming soon [SIC].”
Meanwhile, Tommy’s former business partner Evren has broken his silence on their feud.
He spoke to The Sun last week in an attempt to “set the record straight” after seeing Tommy’s social media videos posts that slammed him and Mallet London.
Tommy said he was owed money and had been in a “toxic relationship”. He said his family’s money and “all my kids’ money for the future is tied up in the company”.
Evren said the former Towie star wanted to close the shutters on the fashion firm that they created – which would have left everyone out of a job.
Tommy resigned in October last year and, after departing Mallet London, he announced his new venture CTRNE.
Evren, who is also a dad, said: “I’m the victim and so is my company. There was litigation involved and me and my company won.
“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.”
Evren has no plans to change the name of the popular footwear brand, adding: “I think it’s a great name and I don’t want to change it.”
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