Simon Cowell didn’t pay himself anything from his company last year as profits fall

Simon Cowell did not pay himself anything from his company last year credit:Bang Showbiz
Simon Cowell did not pay himself anything from his company last year credit:Bang Showbiz

Simon Cowell did not pay himself anything from his company last year.

Figures from the ‘X Factor’ mogul’s Syco Holdings Ltd show the value of his firm marginally rose to £83 million, but profits were down by £29.6 million, The Sun reported on Thursday (12.01.23) night.

The publication also said 19 Syco staff had lost their jobs.

Accounts for the previous financial year showed a dividend of £43.5 million was paid out of 63-year-old Simon’s company.

The ‘Britain’s Got Talent’ judge recently downsized Syco after 20 years, with reports stating he wanted to focus more on his health and family instead of work.

In October it was reported Simon was renting out his £18 million home in Wimbledon after it failed to sell.

The south London home was put on the market in 2021 for the huge sum, with estate agent Fuller Gilbert, following its extensive makeover.

According to the Daily Mail the house had being let while Simon “focusses on a new talent discovery venture with TikTok”.

Simon bought the seven-bed mansion for £15million in 2019, but is thought never to have lived in the property.

It’s believed the X Factor creator had been intending to set up home there with his fiancée Lauren Silverman, 45, and their eight-year-old son Eric, as well as her boy Adam, 16, from her previous marriage to businessman Andrew Silverman.

But the Mail reported after a trial journey to King’s College School – where Simon, who also has a home in LA, is thought to have wanted to send Eric – took two hours, he decided not to move into the property with his family.

A source told the publication: “Simon spent around £1 million tailoring it to meet his and his family’s needs, so he was definitely planning to make it his base in the UK.

“However, when he realised that London traffic could make the relatively short trip so arduous, he determined it wasn't the place for him and put it on the market.

“The fact that nearby Hammersmith Bridge, which closed in 2020 over safety fears, has still not reopened to cars certainly doesn't help the already congested surrounding roads.”

The Mail said details of how much it costs to rent Simon’s home are being kept private, similar properties are being let for around £14,000 per month.