Coronation Street Star Simon Gregson Faces Financial Turmoil
Simon Gregson, the actor famed for his long-running role as Steve McDonald on ITV's Coronation Street, is taking drastic measures to address a mounting financial crisis. The 51-year-old performer has been ordered to repay substantial debts totalling £165,000, leading him to sell personal assets, including his car, while also confronting the potential loss of his family home.
Liquidation and Loan Repayment Demands
The financial difficulties stem from the closure of his company, Simon Gregson Productions Ltd, which entered liquidation in 2023. The firm owed significant sums to HM Revenue and Customs (HMRC) and Coutts bank, the latter relating to a Covid bounce-back loan. Liquidators from Begbies Taynor have been managing the winding-up process, submitting a confidential report to the Department for Business, Energy and Industrial Strategy (BEIS) regarding the directors' conduct.
A critical issue identified was an overdrawn director's loan account of £252,824. This money was transferred from the company's bank account into a joint account held by Gregson and his estranged wife. As a result, liquidators have demanded repayment, setting terms that require Gregson to pay £1,500 per month. After 36 months, any remaining balance must be settled from the proceeds of selling his home.
Asset Sales and Additional Income Streams
To meet these obligations, Gregson has consigned his 2005 black Ford Fiesta to an auction hosted by Hamspon Auctions at Bolseworth. The vehicle is part of their March sale catalogue, which also features supercars and classic vehicles. The auction house announced the entry on Instagram, noting Gregson personally delivered the car for consignment.
In the past year, Gregson has repaid £18,000 towards the loan account, aligning with the settlement agreement. However, liquidators state that their duties cannot be concluded until the full balance is cleared, prolonging the administration. The costs associated with breaking up the business are approximately £51,000, though a cap of £44,000 on expenses is in place.
To bolster his finances, Gregson has been participating in Coronation Street set tours at Media City in Salford. Cast members involved in these tours earn around £500 per session, providing a supplementary income stream during this challenging period.
Ongoing Investigations and Confidential Reports
Liquidators conducted an initial assessment to identify potential recoveries for the estate, considering information from creditors and investigation questionnaires. Their examinations have not revealed issues necessitating further investigation, but the report emphasises that any claim regarding the transferred funds would involve both Gregson and his estranged wife.
The report, obtained by the Mirror last year, underscores the confidentiality of the directors' conduct assessment submitted to BEIS under the Company Directors Disqualification Act 1986. While the contents remain undisclosed, the financial pressures on Gregson are clear, with his agent yet to comment on the situation.
As the actor navigates this debt crisis, the sale of his car marks a tangible step towards financial resolution, yet the shadow of potential home loss looms large, illustrating the severe personal toll of business liquidation and tax liabilities.
