Scrutinized by the English media, Carole and Michael Middleton were forced to sell their company, which specializes in party supplies, struggling since the pandemic.
Party Pieces made their fortune. But against all odds, success story Carole and Michael Middleton, the parents of the Princess of Wales, Kate, have turned into a nightmare. Coronavirus, Brexit, inflation… Several factors caused the decline of Prince William’s beloved mother-in-law company. It’s enough to infuriate creditors who had bet on their business with generous checks. And make them a media scandal. The story had started so well.
success story
In 1987, Carole Middleton founded Party Pieces, her first company specializing in the online sale of party supplies. Soon, her husband Michael left British Airways, where the couple began their careers, to join the adventure. The idea came to them some time ago, after finding things for their eldest daughter Catherine’s (‘Kate’ for short) fifth birthday. Streamers, disco balls and party favors, personalized packages according to the theme of the events to be celebrated… The Middletons realize this English dream, glorified by Margaret Thatcher: The risk is high, but the couple is right to believe it. The company was a hit, fueled by online sales from the start, and Party Pieces soon made the Middletons multimillionaires. This allows them to buy a £4.7m (€5.5m) mansion in the very posh Berkshire countryside. And sending their three children to one of the region’s most exclusive institutions, Marlborough College (£42,930 a year, or around €50,000). Where Kate Middleton will unite the very closed circles of good families in England, some of whose descendants sometimes meet a certain William…
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Creditors rage
Everything has changed a lot since then. Recent financial difficulties have left the company so heavily in debt that the candy king and queen have been forced to sell it. And that their reputation as trusted and savvy entrepreneurs, close to royalty, has taken a serious hit.
in the columns of DailyMail: , June 7, the headlines are harsh, even murderous. It says: “Disbelieving creditors are speaking of ‘betrayal’ after the bankruptcy of the company run by the Princess of Wales’s parents, Carole and Michael. So what do we blame the Middletons for? A massive debt that would amount to around £2.7m (€3.17m).
In detail, this amount will include £218,749 (€256,640) from RBS as part of a business interruption loan due to the coronavirus pandemic, £612,685 (€718,800) to the UK tax authorities, £456,008 (£3.5) euros. to other creditors and £1.4 million (over €1.6 million) in unsecured loans. Release? According to the report, which is quoted DailyMail:, creditors are “hardly” ever to see their money again. “What hurt me the most was that I trusted her as the future king’s mother-in-law and she betrayed me. It is absolutely unacceptable,” comments the spokesperson of the victim side of the story.
Carole and Kate Middleton at Royal Ascot, Britain’s most social horse race. (Ascot, June 20, 2017) Getty Images:
The coronavirus, then the bankruptcy
The bankruptcy, the Middletons attribute to the Covid-19 pandemic, Brexit and the cost-of-living crisis, has caused sales to plummet and cash flow problems. Despite everything, “Grandpa” and “Grandma” of George, Charlotte and Louis wanted to be hopeful. In October, Carole Middleton explained on Instagram that the losses were part of a recovery strategy, as significant investments were made to conquer new markets in Europe, the US and the Middle East.
Today, it is clear that the strategy failed to reverse the trend. Even when Carole Middleton filed for financial restructuring in March 2023. Party Pieces then appointed consulting firm Interpath to advise it on “strategic options,” which “included a sale or seeking new investors,” the article reads. Daily Telegraph .
According to sources Heaven “several parties” were interested in acquiring the company, and the Middletons’ “essa[yaient] do what he does[llait] for the company and its stakeholders. This comes as two of Party Pieces’ three investors (underwear tycoon Stephen Bentwood and former Oxford United Football Club chairman Daryl Eales) have just stepped down from the company’s board. Only American millionaire Eric Anderson was in the game.
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“Carol is upset”
Debt-strapped Party Pieces approached 175 potential buyers, claims The DailyMail:. In vain. So in May, the company was placed under judicial supervision before finally signing a sale agreement with British millionaire James Sinclair. The latter heads the Partyman group, which includes the organization of entertainment or childcare, and also owns an ice cream company. The takeover, at an upfront cost of £180,000 (€211,176), involves the transfer of twelve Party Pieces employees to the new company, who will however remain based in Ashampstead, Berkshire. However, there is no indication whether the company’s debts will be repaid.
Carole Middleton’s close friend Richard Eden said DailyMail: “Carol is naturally upset and deeply disappointed by this situation. Over the past five months, he has really gone out of his way to find a buyer who will not only move the business, but also pay off all outstanding debts.”
In any case, a page is turned for the Middleton clan. After years as a brand ambassador, the mother of the Princess of Wales and her husband are set to enjoy their retirement. Away from the hassles, debts and endless bills of corporate life. But tarnishing their image self-made couplestarted with nothing but now attends the Buckingham Golds.
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Source: Le Figaro
