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A firm run by Great British Bake Off star Stacey Hart and her tycoon husband is £1.3million in debt.

The 42-year-old contestant – first on last week’s technical teacake challenge – runs children’s company Kidly with partner James, one of the pioneers behind online fashion firm ASOS .

Kidly is also an online company and sells “useful” products for youngsters.

It is shown to be £1,350,353 in the red in recent accounts filed with Companies House. That shows a dramatic deficit on the previous year, when it was £255,300 in the red.

(Image: Supplied by WENN)

Stacey – who says she went on Bake Off “for a challenge” – is company secretary, while James, 43, is director.

Earlier this month Stacey took her “signature sparkly biccies” into the Kidly office, based in St Albans, Herts.

James was one of the founding directors of ASOS and in 2012 he and two colleagues sold their shares for an astonishing £50million, 12 years after its launch.

A source said of Kidly: “The company has faced massive losses but James continues to put money into the company. He is dedicated to it.”

Earlier this year James told how he loves internet retail. He said: “It’s all I’ve ever done – so I’m doing my hobby, which makes me very lucky.

“I also like it when other people are happy. A happy team and hearing from our Kidly parents and customers always makes me feel warm and fuzzy.”

(Image: PA)

James and Stacey live in Radlett, Herts, with their three sons aged 11, eight and four.

Stacey has told how her gran Phyllis gave her a taste for baking by helping her make bread and butter pudding when she was a girl.

Last Tuesday Stacey won first place in Bake Off’s technical section for her cranberry and cinnamon tea cakes. And she was chuffed to receive praise from both judges. Prue Leith said: “It’s a good teacake.” And Paul Hollywood agreed it was “decent”.

Afterwards Stacey punched the air and said: “First in the technical on bread week. That is massive!”

But she failed to impress the judges with her showstopper challenge.

And that meant Russian-born Julia Chernogorova was crowned star baker – after Steven Carter-Bailey won the first two weeks.

The Sunday Mirror approached Kidly for a comment but had received no response when we went to press.