September 4, 2009
Millionaire’s secret is a secret no longer
Interesting snippet of news today that one of the alleged millionaires in that hideous TV programme ‘The Secret Millionaire’ turns out to have about £30million less than you and I. According to the BBC today, a Nottingham businessman who featured in the TV series Secret Millionaire has been declared bankrupt. So much for altruism.
Publicity-seeking millionaires with no money is nothing new. The first woman on Dragon’s Den went under and actually got bought out by some of the predatory gentlemen sitting in judgement on that game show.
Property developer Chek Whyte is believed to owe £30m and had attempted to make arrangements to continue trading while paying off his debts. The self-made millionaire appeared on the Channel 4 TV series in 2007 and gave money to deserving causes in Salford, Greater Manchester.
According to the news, his bankruptcy is thought to be one of the biggest cases of its kind. Mr Whyte made his fortune from construction and development, renovating dilapidated listed buildings such as Colwick Hall and Clifton Hall in Nottingham. He may have seen an opportunity for cheap publicity – but it seems a pity he didn’t see the recession coming.
Manchester law firm Pannone LLP, acting on behalf of creditor Halls Furnishings Ltd, said: “Mr Whyte had put forward proposals for an individual voluntary arrangement which were withdrawn.
“And therefore, as no further proposals were put to creditors, the court made the bankruptcy order.
“Mr Whyte’s exposure on TV has portrayed him as an altruistic individual but sadly his business dealings have left him owing suppliers tens of thousands of pounds and these businesses have to take steps to recover monies owed to them.”
Mr Whyte told the BBC he aimed to repay his debts.
“I will do my utmost to get them paid, that is my only goal,” he said. “I’m going to work for the next so many years… five years, to get everybody paid. If I can get them paid in the short-term rather than the long-term it’s better for everybody.”
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