New Strictly star Toyah Wilcox: Letting other people manage my money was a big mistake

Toyah Willcox has caused a stir as a singer in a career that lasts almost 50 years.

She She has had several number one albums and tore up the charts in the 1980s with singles such as It’s A Mystery and I Want To Be Free.

She has also made her mark as an actress, starring on stage in the award-winning Three Men on Horseback, and her film credits include The Tempest and Quadrophenia.

Toyah, 66, has been married to musician Robert Fripp since 1986 and they live in Worcester. She is currently appearing on BBC’s Strictly Come Dancing alongside professional dancer Neil Jones.

What did your parents teach you about money?

Very much so. My father was very rich when I was young, having inherited Willcox-Lang, a major building company that had built the streets of Kings Heath in Birmingham. The financial crash of the 1970s ruined everything when I was 12.

Until then I was very carefree and that taught me a lot about money and the damage it can cause.

By the age of 15, she was earning money as a saleswoman in the china department of John Lewis and paying rent to help support the family home.

By the time I was 35, I owned the house so they could live there, and at 48 I bought them a cabin on the Avon River. All of this made me afraid of money, to the point where I have a lot of cash assets because I know what happens when things go wrong.

How did you finance your student years?

At 17 I went to drama school and supplemented my scholarship by working as a costume designer at two theatres and at the BBC Pebble Mill studios in Birmingham, dressing plays and the cast of Dad’s Army. This enabled me to pay my parents £15 rent, which was quite a lot at the time.

While studying at drama school, I was cast in the lead role in a play called Glitter, which aired on BBC2. When it was broadcast on TV, Swiss actor Maximilian Schell invited me to audition for Tales From The Vienna Woods at the National Theatre, so at that point acting took over.

I formed the new wave band Toyah while I was at the National and we did countless gigs in pubs and working men’s clubs for a pittance.

At the same time I was filming Quadrophenia, The Corn Is Green with Katharine Hepburn and Quatermass with Sir John Mills. At the National I was earning £60 a week and staying with the actress Kate Nelligan. I paid her rent and the rest she spent on vinyl and clothes.

What has been your biggest financial mistake?

Letting other people manage my money. My husband Robert and I were involved with a management company that was funneling our profits into construction projects.

We were on tour in Europe and when we came back we found our bank accounts empty. This was in 1988 and I have since become self-employed and very wealthy, which shows how much money was being skimmed off.

Was this your best financial decision?

Yes, but I wish it hadn’t been because of that experience. The management company had gotten into debt and, I think, forged my signature on a contract and took £80,000 from Coutts in my name, so I had to sell my flat in Chelsea.

What was the best year of your financial life?

In 2002-2003 I was touring with a musical called Calamity Jane and every show was sold out. It was a really good year and then I did I’m A Celebrity which wasn’t a very high salary but the domino effect was that I was able to make a high income. I probably went from earning £100,000 a year to £400,000.

The most expensive thing you’ve bought for fun?

The flat in Chiswick I bought when I was 50.

Do you own any other property?

In Worcester, we have three properties lined up, plus 15 offices. I also have a cottage in Avon which we rent out. I am trying to buy a substantial property in the area, so we are always dealing with properties.

Do you have a pension?

I have a good pension with Aegon. Although I am 66 and officially a pensioner, I am busy; I love getting work. When I receive commission, 15 per cent goes to my agent, 40 per cent to tax and I use about 20 per cent myself. The rest goes into a savings account which pays interest.

What is your number one financial priority?

People say I worry too much about money. Last year I invested £170,000 in Robert and my new band.

I was the guarantor of the tours and I didn’t enjoy it at all, because I wanted to get my investment back. So my priority is to be able to rely on what I’ve built, which is a very important thing when you see your parents lose everything.

Toyah and Robert will be touring the UK from 16th December. Visit toyahwillcox.com/gigs.