The Princess of Wales’ parents’ party company was bought after falling into government
The party supplies business set up by the Princess of Wales’ parents has been sold in a bailout deal following bankruptcy proceedings.
Party Pieces Holdings, founded by Carole and Michael Middleton in 1987, was sold to entrepreneur James Sinclair under a pre-pack management deal.
The Middletons hired bankruptcy specialists from Interpath Advisory on Thursday.
Party Pieces is an established brand with a proud British heritage
The company’s commerce has been “significantly impacted” by the pandemic, squeezing demand for party decorations and personalized gifts.
Administrators said the founders were evaluating a possible sale, refinancing or outside investment as pressure on the company’s liquidity mounted.
Mr. Sinclair’s Teddy Tastic Bear company has now purchased the company and its assets.
Will Wright, head of restructuring at Interpath and co-manager, said: “Party Pieces is an established brand with a proud British heritage but like many other companies in the retail sector has been badly hit by the impact of the pandemic and the resulting restrictions on social gatherings .
“We are pleased to have completed this transaction, which will see James Sinclair take over the company. We wish him all the best for the future.”
Party Pieces sells party supplies for kids, from balloons to costumes.
The Internet company was so successful that it made the Middletons millionaires.
Kate used to work for her parents’ company but left the company to prepare 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.
An avid photographer, Kate has also taken pictures for the company.
Kate’s sister Pippa has also worked for Party Pieces on its online magazine, The Party Times.
https://www.standard.co.uk/business/business-news/princess-of-wales-s-parents-party-firm-bought-after-falling-into-administration-b1082114.html The Princess of Wales’ parents’ party company was bought after falling into government
