Firm founded by parents of the Princess of Wales sold after falling into administration
The party supplier business founded by the Princess of Wales’s parents has been sold in a rescue deal after falling into administration.
Party Pieces Holdings, which was founded by Carole and Michael Middleton in 1987, has been sold to entrepreneur James Sinclair in a pre-pack administration deal.
It was once so successful it turned the Middleton's into millionaires.
The business saw trading “impacted significantly” by the pandemic, pressing down on demand for party decorations and personalised gifts.
The couple hired insolvency specialists from Interpath Advisory on Thursday.
Administrators said the founders looked into a possible sale, refinancing or external investment as pressure increased on the firm’s liquidity.
Mr Sinclair’s Teddy Tastic Bear company has now purchased the business and its assets.
Michael and Carole Middleton, the grandparents of heir to the throne Prince George as well as Princess Charlotte and Prince Louis, married in 1980.
They had the now-Princess of Wales in 1982 and have been present at a myriad of significant royal events over the last decade, including the Queen's funeral in September and the King's Coronation.
Will Wright, head of restructuring at Interpath and joint administrator, said: “Party Pieces is a well-established brand with a proud British heritage, but like many other companies across the retail space, had been impacted profoundly by the effects of the pandemic and the ensuing restrictions on social gatherings.
“We’re pleased to have been able to conclude this transaction which sees the business acquired by James Sinclair. We wish him all the very best for the future.”
Party Pieces sells children’s party paraphernalia ranging from balloons to fancy dress costumes.
Kate used to work for her parents’ firm but left the business in preparation for her life in the royal family.
She was featured on the Party Pieces website in March 2010 when she posted some light-hearted comments about her childhood.
A keen photographer, Kate also took pictures for the business.
Kate’s sister Pippa has also worked for Party Pieces, on its online magazine The Party Times.
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