Pete Wicks isn't having much luck in the world of business.

It's been reported by The Sun that the former TOWIE star, 34, has closed his PW Promotions in light of staggering debt.

A statement of affairs filed at Companies House this week revealed that the company's outstanding VAT clocked in at £7,477, while corporation tax stood at £66,702 and Lloyds Bank was awaiting a further £26,500 owed – totalling £100,679.

PW Promotions was established by Pete back in 2015 to deal with his TV work income, drawing up six sets of accounts, his most recent of which was £120,826 worth of assets.

A figure of £80,532 of tax liabilities were on the books too, alongside an £8,000 bank loan and £31,333 owed to more unnamed creditors.

Pete's other business ventures, Unkempt Limited and TCDOR, are both currently lying dormant, while his Hermano Clothing and Pirate Pete's Tattoo previously shut down without taking any money.

OK! has reached out to his representatives for comment.

This unfortunate news arrives on the back of Pete walking away from TOWIE.

An insider recently told The Sun: "Pete wasn't getting on great with some members of the cast as he thought a lot of them were just fame-hungry and not very authentic, especially some of the newer members of the show.

"By the same token, a lot of the cast felt like Pete acted as if he was over it and above the rest of them, so they were relieved when he announced he was leaving."

A second source went on to caveat: "Pete will continue to cameo on TOWIE when it makes sense to appear alongside his friends, but he will no longer be a fully-fledged cast member."

Meanwhile, the reality TV star himself sat down for an exclusive chat with OK! last month, where he emotionally addressed the loss of his dear nan.

"It's been a tough year for me," he began. "I can’t talk about it too much because I still struggle, but she was my best friend.

"It changes the way you look at things. I’m getting older and she was my safety net, and I don’t have that any more. Me and my nan always had this thing about butterflies – I have loads of butterflies tattooed on me and for her funeral I had a butterfly wreath.

"During [his charitable Sahara Desert] trek, one of the girls on my team was really struggling to get to the top of one of the big sand dunes. We had to scream and shout to get her to the top. Then when we got to the top a little butterfly landed on her shoulder. That set me off."

Podcaster Giovanna Fletcher, Geordie Shore's Vicky Pattison, influencer Kelsey Parker, 2016 Bake Off winner Candice Brown and Dr Emeka Okorocha went along for the ride too.

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