Teddy Briggs’ controversial company has gone bankrupt after several customer complaints and legal troubles.
The 29-year-old Love Island Australia star, who appeared on the first season of the reality show in 2018, started a company called EcomConnect, which built online stores where customers could sell and ship products.
His company, based on a “dropshipping” model, promises customers that products from their e-commerce platforms will be sourced wholesale before being shipped directly to customers.
‘At EcomConnect we build the entire company for you. [It is] guaranteed work. Start selling now,” Briggs previously told his social media followers.
However, several disappointed customers targeted the company earlier this year.
Teddy Briggs’ controversial company has gone bankrupt after several customer complaints and legal troubles
Many argue that the EcomConnect business has been “over-promised and under-delivered,” the report said The Australian.
Oracle Insolvency Services was appointed to liquidate the company on Monday.
The Adelaide-based company estimates EcomConnect owes customers, suppliers and the Australian Taxation Office “several hundred thousand dollars”.
Oracle Insolvency Services partner Yulia Petrenko said five clients had filed individual lawsuits against the company, according to The Australian.
The Love Island Australia star started a company EcomConnect which built online stores where customers could sell and ship products
He most recently appeared on the seventh season of The Amazing Race Australia, where he competed alongside best friend and Too Hot to Handle star Harry Jowsey. Both shown
The customers claim the company failed to deliver on their promises and are seeking $60,000 in damages.
“We are also aware of media reports about dozens of other customers who are dissatisfied with EcomConnect,” Ms. Petrenko told the publication.
“Oracle Insolvency Services is committed to helping those affected by the collapse of this company.”
Briggs reportedly complied with all requests in providing company documentation.
In 2020, the reality star discovered a passion for e-commerce and his background in finance pushed him to pursue this career.
Briggs, 29, appeared on the first season of Love Island Australia in 2018
Ny Breaking Australia understands he made $75-$80,000 a month selling beauty products, timepieces and clothing online and was expected to reach $1 million in sales by 2021.
Briggs admitted to Ny Breaking Australia at the time that he almost went bankrupt after his appearance on the Channel Nine reality show.
‘I was kind of living the party life. “I did a three-month nightclub tour around Australia, doing nightclub gigs three nights a week,” he explained.
Instead of saving his money, Teddy admitted that all his income was spent on designer clothes, parties and traveling the world while trying to keep up with his life as an influencer.
After his club appearances started to dry up, companies stopped asking him for Instagram shoutouts and Teddy found himself in a “worse financial position” than before he appeared on the show.
He previously earned $1,000-$1,500 per nightclub appearance and $500-$800 per sponsored Instagram post.
“At one point I was almost bankrupt, when everything dried up completely,” he explained.
The Adelaide-based star said he was so desperate to get his finances in order that he worked in a clothing store for $25 an hour because he was ‘too embarrassed’ to go back to his day job in finance.
He most recently appeared on the seventh season of The Amazing Race Australia, where he competed alongside best friend and Too Hot to Handle star Harry Jowsey.
Many angry customers claim that the EcomConnect company has ‘over-promised and under-delivered’