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Daily Mail Reports Duncan Bannatyne Sees Red As Debts Hit £122 Million

Written by: Keith Tully

Published: 22nd May 2013

Financial penalties

In 2011, Dragons’ Den star Duncan Bannatyne was reportedly worth £430 million, putting him in Britain’s top 1,000 earners.

However, two years later it is reported by the Daily Mail that the health club tycoon has plummeted out of the Rich List altogether and has accumulated debts around £122 million.

It is alleged The Scottish businessman is now trying to raise millions of pounds to pay back a loan from the Anglo Irish Bank. A team of eight legal and financial experts have been appointed to help him seek finance and resolve matters with liquidators KPMG.

Mr Bannatyne told the Daily Mail: “Everything else is on hold until I sort this out. It’s a very tense period for me at the moment and is taking up all my time. I have spent half-a-million pounds trying sort my affairs out —that’s a lot of people to pay.”

He added: “It’s very frustrating. I have offered a sum to reduce the debt but it has been refused. At the moment, I feel my company is being strangled.”

It appears to be  financial setback for the 64-year-old, who is the author of five self-help books including ‘How to Be Smart With Your Money’. He was divorced from his second wife, Joanne McCue, in 2011 but it was only finalised this year.

In October last year, the father-of-six was taken to hospital after allegedly suffering a heart attack. However, the multimillionaire is still optimistic about the future and is bringing another book out later this year titled ‘Riding the Storm.’ Which should be a success and a popular book for the dragon.

If your business is suffering from cash flow problems and debt issues, Real Business Rescue can help. We specialise in helping businesses that are struggling to cope and are facing bankruptcy.

Contact us today if you need any help with your business and let’s get you back in the black. 

Keith Tully

Keith Tully

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Keith has been involved in Business Rescue since 1992, during which time he’s worked for both independent and national firms. His specialties include company restructuring matters and negotiating with HMRC on his clients behalf.

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