The Princess of Wales' family has suffered a huge blow after they were forced to sell their family business as it teetered on the brink of bankruptcy.
Party Pieces was bought over on Thursday by entrepreneur James Sinclair who also owns Teddy Tastic, an ice cream firm and a property arm. Prior to her royal title, the Princess of Wales spent time working at the party supplier, which was set up by her parents.
In 1987, the supplier reportedly created the business when they were looking for colourful paper plates for Kate's fifth birthday. In order to fill the niche, the family decided to launch Party Pieces.
The online company, based in Berkshire, west of London, was a success for many years, and at its height was said to be worth around $56 million. However due to the Covid-19 pandemic, the business struggled and recorded a loss of almost $540,000 in 2021 reports news.com.au.
The company also spent funds expanding into the US marker in 2022 with 'Party Pieces' branded shelves appearing at around 40 chemists in the US. It's been assumed the family hoped to avoid insolvency by handing over a cash sum together with a business to a buyer.
According to Sky News, the company was sold through a pre-pack administration, which meant it appointed insolvency practitioners before being sold without some of its liabilities. Last month, the Middletons flagged a sale of the company in a piece with The Daily Mail.
According to the report, it was said to be due to the family wanting to spend more time with their grandchildren, including Princes George and Louis and Princess Charlotte.
A close source said: “Carole and Mike are ready to retire, and rather than just shut up shop, they are looking at the options to see whether someone will buy the business.
“Carole has poured her heart and soul into Party Pieces and loves the business, but she’s 68 and is there running things pretty much full-time every day.
“It’s too much of a commitment — she wants more time for family, gardening and travel.”
However, it was also revealed that Ms Middleton had been forced to take a more hands-on role in the struggling business with reports she had been asking suppliers to give Party Pieces a longer window to pay its bills after a “terrible Christmas”.
Despite the company’s recent troubles, the business’ one-time success helped pay for all three of their children, including Kate, to go to exclusive British schools.
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