This news was sort of lost in the Sussex shuffle this week, but on Thursday, Sky News reported exclusively that Carole and Michael Middleton finally “sold” their failed business, Party Pieces. For decades, we were told that Party Pieces was a brilliant, lucrative and successful business, one which provided the Middletons with unbelievable wealth, enough to finance their three kids’ expensive educations and extended waitying years. That was all a lie – Party Pieces was a house of cards, it’s been debt-ridden for years and the only way the company was “sold” was because it was completely insolvent, to the point where the court took over and appointed a third-party to negotiate the sale of Party Pieces for what sounds like pennies on the dollar. Well, other media outlets are now trying to figure out what happened.
The online party supplies retailer founded by the parents of the Princess of Wales has been sold after collapsing into administration. Party Pieces, founded in 1987 by Kate’s parents, Carole and Michael Middleton, was bought out of administration on Thursday by the entrepreneur James Sinclair, who owns businesses including Teddy Tastic Bear Co Ltd.
It has not been disclosed how much Sinclair paid to buy the business and its assets in a pre-pack administration, first reported by Sky News.
Will Wright and Chris Pole from the financial restructuring firm Interpath Advisory were appointed joint administrators to Party Pieces on Thursday and immediately sold the business to Teddy Tastic Bear Co, which will also take on the company’s 12 employees.
The sale of Party Pieces marks the end of the Middletons’ ownership of the business they founded in 1987, which had run into trouble in recent years. While the couple are the shareholders in the business, it is not known if they are also creditors. Shareholders tend to receive very little, if anything, if a company is bought out of administration. The administrators of Party Pieces are required to report to creditors within eight weeks of the administration, setting out their proposals.
Party Pieces suffered a significant knock to trade during the Covid pandemic, which put a stop to parties and celebrations for months at a time.
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.”
Yikes, “collapsing into administration” and “shareholders tend to receive very little, if anything, if a company is bought out of administration.” Party Pieces was collapsing under its debt and Carole and Mike Middleton probably made nothing from the sale of their business. The Telegraph also put a number on it: “Party Pieces Holdings, the parent company of the firm that once employed the Princess, had racked up a deficit of £1.35 million and the Middletons failed to find new investors or a buyer willing to take on the company with the entirety of the debt.” The Telegraph also explains this whole “pre-pack administration” thing, which is basically just a British version of filing for bankruptcy, allowing the court to sell off your bankrupt business and giving the new buyer the leeway to negotiate with your creditors.
I’ve seen a lot of people talk about why Prince William didn’t step in and help his in-laws, especially given that he’s swimming in Duchy of Cornwall money. Well, William did buy the Middletons their big manor house in Bucklebury shortly after he and Kate married. I also believe – but I have no evidence of this – that Charles put some safeguards within the Duchy of Cornwall for exactly this reason, to keep the prodigal son from looting the duchy to throw money at the Middletons’ failed business. Plus, it’s been clear for a few years now that William is no longer super-close to the Middletons. There was a significant shift in 2021, and I suspect it was when the Middletons were practically hysterical and briefing the media about how William simply must bring Kate to the unveiling of the Diana statue. The stories around that time were… notable for how frantic Carole seemed in particular.
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
- Carole Middleton and Michael Middleton arrive at the Coronation of King Charles III at Westminster Abbey in London, United Kingdom, on 06 May 2023.,Image: 774248529, License: Rights-managed, Restrictions: -, Model Release: no, Credit line: Phil Harris / Avalon
