Luxury trainer brand owner Tommy Mallet who had £4 million in the bank admits he now has £5k

TOWIE star Tommy Mallet has made a shocking confession about his financial situation, nine years after launching luxury footwear brand Mallet London.

The 32-year-old spoke about his troubles during a recent podcast appearance, touching on a range of topics including work and his personal life.

Back in 2015, the reality TV star started his own venture with former business partner Evren Ozka, though that relationship has taken a turn for the worse in the last year or so.

Tommy has been transparent about this and spoke about his broken relationship and the tricky spot he has been put in since leaving the company.

He featured as a guest on Ben Gallaga's Everybody Wants To Be Us podcast, and revealed what has happened to him almost a decade on from founding the luxury trainer company.

Posting on Instagram, he previously said: "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."

"Just call me the monk who's sold his Ferrari for a bit," he added.

Originally starting from scratch in 2015, the pair would work from Evren's premises as the business shot to success, making millions of pounds.

Tommy is currently married to former TOWIE co-star Georgia Kousoulou, and they have a son together.

During the podcast episode, Tommy spoke about his financial situation, saying: "I was very cash rich at one point. I'd always have four mil in the bank.

"But now I've probably got five grand in and I'm like f**king hell, how am I going to pay for everything?"

But over the last year, Tommy has hinted at an ongoing court case around his old company Mallet London, after revealing in October last year that he had offloaded his assets and left the company, though had to stay quiet about the finer details.

Speaking about the court order, he also revealed that he soon won't be allowed to speak to some retailers.

Since leaving Mallet, he has launched a new footwear company, called CTRNE World, and explained: "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."

His former business partner Evren spoke to The Sun last week, aiming to clear his name after Tommy's social media videos that criticised him and the company.

In the videos, the TOWIE star said he was owed money and was in a 'toxic relationship' with Evren, adding that 'all my kids' money and his family's were 'tied up' in the company.

However, Evren insisted that Tommy wanted to shut the company down, which would have left several people out of work.

Evren added: "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."

Tommy's business partner also said he has no plans to change the company's name, despite being named after the reality TV star.