In early April, we first heard that Carole and Michael Middleton were suddenly looking to “sell” Party Pieces, their shady business which sells “party supplies.” Before that, we heard a lot about how PP was losing money hand over fist, and basically the business was going down the drain at a steady clip. What made it even more notable was the admission that the Middletons were trying to pay a “six-figure dowry” to sell the company – as in, PP is saddled with debt and near bankruptcy, and the Middletons would pay someone to take the company off their hands. Even more notable was the fact that two of Carole’s business partners suddenly quit PP back in March. Well, after all of that drama, the Middletons finally “sold” Party Pieces, only it’s much more complicated than that:
Sky News has learnt that Party Pieces Holdings, which was launched by Carole and Michael Middleton in 1987, was bought on Thursday by James Sinclair, an entrepreneur. Sources said the sale had been implemented through a pre-pack administration, meaning it had appointed insolvency practitioners before being sold without some of its liabilities.
It was unclear what price Mr Sinclair’s company, Teddy Tastic Bear Co Ltd, had paid or how big the liabilities were that had been left behind. According to his personal website, Mr Sinclair “operates a £30m business which includes leisure, childcare, outdoor attractions, commercial property, arts and crafts manufacturing as well as one of the UK’s oldest ice cream companies; The Rossi Ice Cream Company”.
The Middletons’ preferred option had been to sell Party Pieces with a dowry and avert insolvency but this proved impossible, according to insiders.
Interpath Advisory is understood to have been appointed as administrator in court on Thursday morning. The Middletons, who conceived of the business as they were seeking inspiration for daughter Kate’s fifth birthday, instructed Interpath to find a buyer earlier this year.
The pre-pack sale comes just 12 days after the King’s coronation, their daughter’s father-in-law.
According to information circulated to potential bidders, Party Pieces had shown “some recent UK performance contraction during international expansion and focus on margins”.
Wow, so the Middletons were in debt up to the eyeballs and a COURT had to step in because Party Pieces was insolvent. I bet James Sinclair purchased PP for pennies. Basically, it was as we assumed – Party Pieces has been a house of cards for years and the business was nowhere near as successful as the Middletons had long claimed. Considering that PP is operated out of Bucklebury, I wonder if the sale included the Party Pieces commercial real estate? As in, did the Middletons have to sell off every part of the PP business, including the physical buildings? Hm.
Photos courtesy of Avalon Red.
- Michael and Carole Middleton arriving at Westminster Abbey, central London, ahead of the coronation ceremony of King Charles III and Queen Camilla.,Image: 774175111, License: Rights-managed, Restrictions: -, Model Release: no, Credit line: Andrew Milligan / Avalon
- Carole Middleton arriving at Westminster Abbey, central London, ahead of the coronation ceremony of King Charles III and Queen Camilla.,Image: 774175184, License: Rights-managed, Restrictions: -, Model Release: no, Credit line: Andrew Milligan / Avalon
- Carole Middleton, Michael Middleton, Pippa Middleton and James Middleton at the Coronation of King Charles III at Westminster Abbey in London, United Kingdom, on 06 May 2023.,Image: 774203418, License: Rights-managed, Restrictions: , Model Release: no, Credit line: James Veysey/Shutterstock / Avalon
