Simon Cowell didn’t pay himself wages from company as profits fell by almost £30m

Get the best celeb exclusives and video house tours to your inbox every evening with our daily newsletter

Simon Cowell did not pay himself any wages at the end of 2020 after his company lost profits of almost £30million, it has emerged.

The 61 year old's former entertainment company SimCo Ltd, from which he stepped down from in September, reported profits of £5.8million between October 2019 and March 2020.

This is down almost £30million from the six months beforehand, when the company behind Britain's Got Talent and The X Factor made £34.6million.

Paperwork filed at Companies House for the music mogul's company shows that neither Simon nor SimCo's new directors William Rowe and Michael Smith pocketed from it's tough year.

  • Britain's Got Talent ‘scrapped until the autumn’ as coronavirus pandemic continues

  • Simon Cowell shows off huge scar on his back from terrifying bike accident which left him needing surgery

Get exclusive celebrity stories and fabulous photoshoots straight to your inbox with OK!'s daily newsletter. You can sign up at the top of the page.

The papers also show that in the filings for the six month period that the company had a turnover of £17.7million — down from the £65.5million of the period before.

An insider said: "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," the source continued to tell The Sun Online.

The TV star — who has formed bands such as Little Mix and One Direction during his career — has decided to rest The X Factor until at least 2022 after a series which saw the show form a band flopped in 2019.

While Britain's Got Talent's auditions were able to go ahead as normal last year, the live shows were postponed until the autumn due to the coronavirus pandemic.

  • Sign up to our daily newsletter for the BEST celebrity house tours and BIGGEST exclusive interviews

  • Download OK! magazine's FREE app and get all the latest gossip straight to your phone

Simon was unable to join co-stars Amanda Holden, Alesha Dixon and David Walliams on the panel following a bike injury which saw him break his back, and instead be replaced by Ashley Banjo.

Simon's pal Piers Morgan gave an update on his friends' health in October and told OK!: "He's had a very serious back injury and he's taking the time, quite rightly, to get himself right.

"I drop him notes from time to time and I'm encouraged he's making good progress, but these things take a long time. He feels very lucky it's not even worse," he explained.

Simon Cowell

  • Simon Cowell makes first video appea…
  • Simon Cowell is ‘set to return as he…
  • Simon Cowell is all smiles as he get…
  • Simon Cowell has 'ditched his vegan …
  • Simon Cowell, Coleen Rooney and Cara Delevingne love Barbados at Christmas – here is what attracts them to the island

  • Simon Cowell enjoys jet ski ride with son Eric in Barbados four months after breaking his back in accident

Another pal of Simon's told Daily Mail: "It will be a long road before he is back on form again. It is all going to take a lot longer than expected as the breaks weren't straightforward.

"He needs a lot of physio and lots of time. He is doing very little work, so really following doctor's orders."

A second friend told the publication: "He is building up his strength but the recovery is taking longer than we hoped."

Source: Read Full Article