A business renovation company owned by reality TV star Sky Wheatley's partner is on the brink of collapse after it was unable to pay back its debts. 

Shopfit Co, run by I'm A Celebrity...Get Me Out Of Here! Australia winner Wheatley's tradie partner Lachlan Waugh has entered external administration and has been taken over by third party insolvency experts. 

Shopfit Co has been at the helm of completing major renovations for popular cafes, bars, restaurants and high profile brands including Red Rooter, Quicksilver and Sass and Bide. 

Mr Waugh, 34 and Wheatley, 30, have featured in several renovation videos that have been uploaded to YouTube. 

The high-profile couple also bought a luxury mansion,known as the La Casa Grande, for almost $1million in the Gold Coast suburb of Tallai in 2019. 

Mr Waugh is listed on the Shopfit Co website as founder and director.

Shopfit Co, which has a head office and a factory in Carrara on the Gold Coast, is being administrated by the Small Business Restructuring program which helps companies with debts of less than $1million launch last-ditch attempts to avoid liquidation, the Gold Coast Bulletin reported.

The company's biggest creditor is the Australian Tax Office, according to documents lodged with ASIC.

A report from administrator David Stimpson said the company had been referred to him by corporate adviser Eventum Opium. 

Daily Mail Australia has contacted Shopfit Co for further comment.

The company was still uploading posts on its social media account on Thursday night.

Shopfit Co shareholders include Mr Waugh, its chief Financial Officer Dannielle Tewkesbury and Operations Manager Steve Wilson. 

The news comes a year after Shopfit Co opened up a factory in Smeaton Grange, in Sydney's south-west.

The company also has Queensland and Victorian building licenses limited to shop fitting.

The building licences allows Shopfit Co to conduct renovations on commercial and retail buildings restricted  to two stories and a land size of 2,000 square metres. 

Their Queensland building licence permits the business to conduct shop fitting for buildings with a maximum turnover of $12-$30million. 

According to their website, Shopfit Co has more than 20 years of experience delivering 'high-quality commercial projects'. 

Mr Waugh began his career in the construction sector as an apprentice in 2006 before he started to run his own projects by working as a leading hand. 

His experience running major renovation projects led him to start Shopfit Co.

According the company's ABN details, the business has been registered since September 2016. 

Mr Waugh and the company have been locked in a long running legal battle with wealthy Sydney businessman Danny Girgis.  

Mr Waugh claims Mr Girgis and his company Kokomo Living Pty Ltd owes him a bill of $59,516.

The money allegedly owed is for an interior fit-out inside the Beloporto burger bar in Surfers Paradise on the Gold Coast.

Mr Girgis, who owns a $4.5million waterfront home in Kogarah Bay, in Sydney's south, and his company paid $20,000, leaving a remaining balance of $24,279. 

He has since countersued Shopfit, admitting that while the invoices were unpaid, the company's work was inadequate. 

The collapse of Shopfit Co comes after figures revealed that a staggering 2,349 construction firms ceased trading in 2023. 

Insolvencies in the construction industry reached an annual record last year, with 785 construction businesses listed as insolvent according to data released by ASIC. 

The construction sector like most small businesses and homeowners has been battered by inflation and consecutive interest rate rises. 

The RBA kept rates on hold at a 12-year high of 4.35 per cent for the seventh straight time during their most recent monetary policy meeting.