Simon Cowell didn’t pay himself ANY wages from his former company after profits fell by ‘nearly £30m’
- In the latest paperwork filed at Companies House for SimCo Ltd it was revealed that between October 2019 and March 2020 a profit of £5.8m was made
- However this was down from large profits of £34.6m over an 18-month period covering 2019
- Simon, 61, resigned from SimCo in September 2020 with two new directors taking over
- Despite the tough times for business amid the pandemic, Simon has already pledged to donate £1.3m to charities that have been hit hard by coronavirus
In the latest paperwork filed at Companies House for SimCo Ltd it was revealed that between October 2019 and March 2020 a profit of £5.8m was made, however this was down from huge profits of £34.6m over an 18-month period covering 2019.
The music mogul, 61, who resigned from the business in September 2020, and the two new directors also did not take any earnings from the period reported.
Drop: Simon Cowell’s former entertainment company has reported a fall in profits, with the directors not taking any wages (pictured in 2018)
It was also revealed in the filings for the six-month period that the company had a turnover of £17.7m in 2020, which was down from £65.5m the year before.
An insider told The Sun: ‘Everyone in the TV industry has been hit by the pandemic and Simon’s company has taken a considerable battering.
‘With The X Factor rested and BGT plagued by issues, it’s been a slow year.
‘Simon is a savvy businessman, however, and he’s no doubt going to be back on top over the next 12 months.’
MailOnline has contacted a representative for Simon Cowell for a comment.
Tough period: In the latest paperwork filed at Companies House for SimCo Ltd, which Simon resigned from in September 2020, it was revealed that between October 2019 and March 2020 a profit of £5.8m was made (pictured in 2019)
Both Britain’s Got Talent and the X Factor were unable to run in the UK during 2020 due to the pandemic.
Simon also had to pull out of the 2019 finals after injuring his back in a bike accident, with Ashley Banjo filling in for him on the ITV show.
However, despite the tough times for business, Simon previously pledged to donate £1.3m to charities that have been hit hard by coronavirus.
The music mogul, 60, revealed in The Sun back in March that he was ‘devastated’ to hear that charities, such as Shooting Star Children’s hospice, were struggling to continue their services due to the ‘knock-on effect’ of the global pandemic.
In his own column for the publication, Simon said that he would be taking on £500,000 of the deficit faced by Shooting Star, which he is Vice-President of, and he would also continue his pledges that were already in place.
The Britain’s Got Talent judge also said that he would donate to other charities, and will show his support for Feeding Britain and Feeding America
Simon explained: ‘I have also decided with my team at Syco to donate $1,000,000 (£800,000) towards the immediate needs of some of the most vulnerable people impacted by this virus, and this will be split between Feeding Britain and Feeding America, where I work and live.
‘I don’t like celebrities telling people what to do, and I know this is a hugely difficult time for so many — worries about family, health, jobs, paying the mortgage and feeding their family are at the forefront of people’s minds.
‘But there are still other people in business and in entertainment with resources available. So today it’s those people I’m urging to rise to this enormous challenge.’
On hold: Britain’s Got Talent 2021 has been scrapped until the autumn as COVID-19 lockdown scuppered plans for nationwide auditions