Princess of Wales’s parents’ party supplies firm sold after brush with insolvency
The party supplies firm owned by the parents of the Princess of Wales was sold after they encountered financial difficulties.
James Sinclair, an entrepreneur, has acquired Party Pieces Holdings, the online party goods supplier established by Carole and Michael Middleton, parents of the Princess of Wales. The company was sold after it was unable to prevent entering administration, according to information obtained by Sky News.
According to sources, the sale of the company was carried out using a pre-pack administration process, which involved the appointment of insolvency practitioners before the sale took place. As a result, the company was sold without assuming some of its liabilities. The specific price paid by Mr. Sinclair’s company, Teddy Tastic Bear Co Ltd, and the extent of the remaining liabilities were unclear.
Mr. Sinclair, as stated on his personal website, runs a business worth £30 million, encompassing various sectors such as leisure, childcare, outdoor attractions, commercial property, arts and crafts manufacturing, and owning The Rossi Ice Cream Company, one of the UK’s oldest ice cream companies.
Insiders revealed that the Middletons’ preferred course of action was to sell Party Pieces along with a dowry to prevent insolvency. However, they were unable to realize this option due to its infeasibility.
It is understood that Interpath Advisory was appointed as the administrator in court on Thursday morning.
Club Green, a long-standing family-owned business in the party goods sector, was among the other prominent bidders for Party Pieces.
Earlier this year, the Middletons, who came up with the idea for the business while looking for inspiration for their daughter Kate’s fifth birthday, directed Interpath to search for a buyer.
Initially established to arrange creative children’s parties, the business later expanded its operations to include the sale of party decorations, tableware, and personalized gifts.
The pre-pack sale occurred a mere 12 days after the coronation of their daughter’s father-in-law, the King.
Potential bidders were provided with information indicating that Party Pieces had experienced a recent decline in performance in the UK due to international expansion efforts and a focus on margins.
Princess of Wales’s parents’ party supplies firm sold after brush with insolvency
The company’s trading was heavily affected by the pandemic, and it reportedly incurred losses in the most recently filed financial year.
