Tuesday, January 11, 2011

EJ Hires 8 New Staff, Makes a Loss in Last Tax Year

While it will be some time yet until Sir Elton John’s son starts to walk, the star is already hearing the patter of many more feet.

He increased his entourage by more than 50 per cent before the arrival of Zachary Jackson Levon Furnish-John.

And the number of assistants is bound to rise yet further with the hiring of a team of nannies to cater to the infant’s every need.

Accounts for William A Bong, the company which oversees Sir Elton’s UK business interests, reveal that in 2010 he employed 22 members of staff at an annual cost of £1.3million.

His loyal band of flunkeys, including chauffeurs, housekeepers and office assistants, increased from a mere 14 in 2008.

Zachary was born on Christmas Day in Los Angeles to a mystery surrogate mother using the eggs from another unidentified woman.

At the weekend it was revealed that Sir Elton and his civil partner David Furnish have chosen two godmothers for the child – Scottish-educated magazine editor Ingrid Sischy and her lesbian partner Sandy Brant.

Sir Elton is about to embark on a heavy work schedule over the coming months, singing classic hits such as Your Song and Rocket Man.

He will begin a 26-date tour of Europe and the U.S. in a fortnight, and is expected to have nannies and helpers stationed in each of his homes.

The singer and Mr Furnish have already spent thousands renovating their Windsor home in preparation for when they move back from LA with the child.

They have faced criticism over their decision to have a son, having previously admitted that their lives were not suited to having children.

Just last year, Mr Furnish indicated that they would wait to start a family until Sir Elton had stopped touring.

‘I don’t think our lives are suited to raising children,’ he said. ‘We’re busy flying places all the time. We don’t want to put the raising of children into the hands of nannies and housekeepers. We want to be active parents. We have godchildren and kids that we support in Africa, so we’re fine.’

However, author Cliff Dane, an expert on the accounts of music’s biggest stars, said that giving up touring was not a realistic option for Sir Elton.

‘For the last three years he has performed 100 or so shows a year. His income is mainly from touring.

‘It would have a huge effect if he stopped. He is not selling records like Lady Gaga any more.’

The William A Bong accounts reveal that Sir Elton, who has a fortune of £185million and has been known to spend £200,000 a year on flowers, was hit by the weakness of sterling abroad.

In the 12 months to March 31 2010, he took a £283,825 hit simply turning his foreign income back into pounds.

- Daily Mail

Life will no doubt be getting more expensive for Sir Elton John now he is a father.
But fear not. A plentiful supply of nappies and other baby gear should prove no problem for him, judging by the recent accounts of his William A Bong company.
Though it swung from a £6 million profit to a £400,000 loss in 2009-10, it has a banking facility that has seen the amount drawn down and owed to the banks increase from £15.1 million to £21.1 million in a year.
Yet the whole show is kept on the road, so to speak, as the rocket man has given a £25 million guarantee to secure all liabilities. Nice.
- This is London

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