The family of the Princess of Wales have suffered a heavy blow after they were forced to sell their family business as it was on the verge of bankruptcy.
Party Pieces was acquired on Thursday by businessman James Sinclair, who also owns Teddy Tastic, an ice cream parlor and a real estate arm. Before taking on the royal title, the Princess of Wales worked at a party supply company founded by her parents.
In 1987, the supplier is said to have set up the business when they were looking for colorful paper plates for Kate’s fifth birthday. To fill the niche, the family decided to launch Party Pieces.
The online company, based in Berkshire, west London, has been a success for many years and at its peak was said to be worth around $56 million. However, due to the Covid-19 pandemic, the business struggled and recorded a loss of nearly $540,000 in the 2021 report. news.com.au.
The company has also spent money to expand into the US market in 2022 with ‘Party Pieces’ branded shelves appearing at around 40 chemists in the US. It is thought that the family hoped to avoid insolvency by handing over some cash along with the business to the buyer.
Based on sky news, the company was sold through a pre-packaged regulator, meaning the company appointed insolvent practitioners before being sold without incurring some debt. Last month, Middletons marked the sale of the company in part with The Daily mail.
According to reports, it was because the family wanted to spend more time with their grandchildren, including Princes George and Louis and Princess Charlotte.
A source close to the matter said: “Carole and Mike are getting ready to retire, and instead of just closing the store, they are looking at options to see if someone will buy the business.
“Carole has put her heart and soul into Party Pieces and loves the business, but she is 68 years old and has to run things almost full time every day.
“It was too much of a commitment — she wanted more time for family, gardening and travelling.”
However, it was also revealed that Ms Middleton has been forced to take a more active role in the struggling business with reports that she has asked suppliers for Party Pieces for a longer deadline. to pay the bills after a “terrible Christmas”.
Despite the company’s recent troubles, the company’s one-time success has helped pay for all three of their children, including Kate, to attend British-only schools.
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