SIMON Cowell is letting go of almost his entire staff at his company Syco and “downsizing” after almost 20 years.
The Sun can reveal the music mogul has chosen to consolidate his multi-million pound global empire – which has sold over 250 million records worldwide – to focus on family life.
In recent days many of Simon’s staff have begun “leaving” conversations – including some of his closest confidantes who have worked with him for decades.
A source said: “Simon has reached a time in his life when he doesn’t want the stress of running a global empire and so has made the difficult decision to wind down Syco.
“Obviously everyone involved, including Simon, is very sad. It really is the end of an era.
“Simon made this decision with a heavy heart but after much deliberation he had to do what is best for him and his family.
“Running his business internationally – especially during the pandemic and since his bike accident – has become exhausting and understandably Simon now wants to focus on other things, and particularly his family.”
Simon, 62, who first created the company as a record label in 2004, will now concentrate solely on being a television personality and is expected to start filming the next series of Britain’s Got Talent in London on Sunday.
The source continued: “Simon’s decision will give him more time to concentrate on what he enjoys.
“As well as spending time with his family, he loves BGT and its US counterpart America’s Got Talent and he’d like to continue appearing on those and being in front of the camera for years to come.”
The news comes after Simon popped the question to his partner of eight-years, Lauren Silverman.
The Sun revealed how Simon had proposed to Lauren, 44, on Christmas Eve in Barbados earlier this week.
Simon and Lauren welcomed their son Eric, seven, in 2014 and insiders said spending more time with his son had become a priority.
His bike accident in August 2019, which almost paralysed him and saw him laid up for months with a broken spine, also put life into perspective.
The source said: “Simon puts his relationship with Eric above all else.
“After he was born Simon’s life changed forever and work became secondary to Eric and being with him.
“As Eric has grown older this has become even more important for Simon.
“He quit as a judge of his own TV show Walk The Line last year because he didn’t want to spend less time with Eric and Lauren.
“The bike accident he had less than two years ago was also a big wake-up call. He needs to be around for Eric and Lauren more.
“By focussing on his on-screen roles, Simon will be freed up to spend even more time with them.”
Through Syco, Simon has amassed a fortune which according to Forbes is £492.9million.
He started the brand as a record label, S Records, in 2004 before he formed a new partnership with Sony Music and rebranded the company as Syco Entertainment six years later with three branches in music, TV and film.
In July 2020 Simon bought out Sony Music’s stake in the company and quit Syco Music – which previously signed stars including Little Mix and One Direction.
Simon’s television branch is his strongest asset, with his record-breaking Got Talent franchise airing in 69 countries across the world.
The next series of the hit UK version of the show starts filming on Sunday with the show to air on ITV in the spring.
