Kate's parents' business goes bust owing £2.6m as creditors lash out over company collapse

Carole and Michael Middleton’s business Party Pieces has gone bust, with angry creditors saying it owes around £2.6million in debts, calling out the “betrayal” over its collapse.

The business, which sells party paraphernalia, was started by Kate, Princess of Wales’s parents in 1987, but has since run into financial difficulties.

Party Pieces Holdings was once so successful that the money generated helped pay to send Kate, and her siblings Pippa and James, to Marlborough College – which costs around £42,930 per year to attend.

As well as this, it also saw Carole and Michael shell out on a £4.7m manor house.

However, at least one businessman has claimed the company “betrayed” them, as concerns over how much debt the company had spawned built.

kate's parents' business goes bust owing £2.6m as creditors lash out over company collapse

Kate’s parents’ business goes bust owing £2.6m as creditors talk over company collapse

kate's parents' business goes bust owing £2.6m as creditors lash out over company collapse

Kate’s parents’ business goes bust owing £2.6m as creditors talk over company collapse

According to an administrator’s report, from those seeking to recover money for the business’s creditors, there is around £2.6m worth of debt.

Among these debts include a payment of £218,749 to RBS bank to cover a Coronavirus Business Interruption loan, £1.4m in unsecured loans and £456,008 to other creditors.

The report, according to the MailOnline, says it is “highly unlikely” any creditors will get any money back.

Lord Iliffe is one claiming he has been left short-changed. He was Party Pieces’ landlord, and owned the land that the company operated from for many years.

kate's parents' business goes bust owing £2.6m as creditors lash out over company collapse

Carole and Michael Middleton’s business was started in 1987

Lord Iliffe is owed £57,480. James Hole, his agent, says the estate faces “severe financial consequences” over the unpaid money.

He continued: “They have been long-term tenants. We were astonished about the amount of money owed to others.”

Another creditor, who wished to remain anonymous, said his company had begun protracted talks with Party Pieces. However, it became clear that nothing could be struck.

The insider added: “The amount they owe HMRC dwarfs anything else they owe. That’s why we walked away – [because] of what’s owed to the public purse.”

The report compiled by administrators noted that HMRC is also owed £613,000. Before any other creditor is paid, this bill must be settled.

Another firm frustrated by Party Pieces is Sultani Gas, a Tonbridge, Kent-based firm that supplied helium balloons.

A spokesman described how he “trusted” Carole as she was “the mother-in-law of the future king… and she just betrayed me”. They added: “It is absolutely unacceptable.”

kate's parents' business goes bust owing £2.6m as creditors lash out over company collapse

Kate Middleton’s mother Carole at Wimbledon last year

The Middletons say that as a result of lockdown and the cost of living crisis, a sharp downturn in sales and cash was seen.

The administrators’ report added: “Based on current estimates, it is uncertain whether there will be funds available to enable a distribution to preferential creditors.

“It is unlikely there will be funds available to enable a distribution to unsecured creditors.”

It noted that the pandemic was the start of difficulties for Party Pieces, when revenue shrunk from £4.5million to £3.2million between 2021 and 2022.

The report said: “Management attributed this to the COVID-19 pandemic resulting in reduced social gatherings and a reduction in discretionary spend due to the cost of living crisis. This caused constraints on the company’s cash flows.”

With the financial problems mounting, the report said that Party Pieces approached 175 potential buyers before eventually agreeing on a deal for £180,000.

kate's parents' business goes bust owing £2.6m as creditors lash out over company collapse

Carole Middleton alongside the Queen in 2011

This was made up of £60,000 for intellectual property, computers, contracts and other equipment. The remainder was for stock.

Its 12 employees will move to the new company, the administrator report concluded.

According to the MailOnline, the firm has been purchased by children’s entertainer and businessman James Sinclair, who runs Partyman, a company that operates soft play areas.

The Middletons were keen to sell Party Pieces with a dowry in order to avoid insolvency, Sky News reported, but this proved impossible and so administrators Interpath Advisory were sent in.

In April a Party Pieces spokesman commented on news of Interpath’s involvement: “We are working with our advisers to secure additional investment which will help support the business as we look to embark on the next phase of our growth plan.”

News Related


Cleaning fanatics share £1 trick to banish condensation from windows this winter

This easy and cheap trick will banish the condensation from your windows As the colder weather approaches, with frosty mornings and icy temperatures, people will start to make small tweaks ... Read more »

GOP lawmaker accidentally creates hilarious new nickname for Trump

A Republican lawmaker inadvertently created a hilarious new nickname for Donald Trump by making a verbal slip while speaking on the floor of the US House of Representatives. Representative Andy ... Read more »

George and Amal prove they are the most powerful couple in Hollywood as the elite flock to their charity awards

Is there anybody that George and Amal Clooney don’t know and are they possibly the most powerful couple in Hollywood/America? Their Albie Awards held by the Clooney Foundation for Justice ... Read more »

Honda CT125 Gets New Bright And Sunny Yellow Color In Thailand

2023 Honda CT125 – Yellow SunGlow Poster Thailand New color, same price. If you’re someone who’s been lamenting the drab colors that seem to dominate many a motorcycle lineup in the ... Read more »

Ice Spice 'confused' by The 1975's Matty Healy's racist remarks

Ice Spice ‘confused’ by The 1975’s Matty Healy’s racist remarks Ice Spice was “confused” by Matty Healy’s racist remarks about her but “didn’t really care”. The 1975 frontman called the ... Read more »

Europe's stars shine and the Americans collapse in astonishing Ryder Cup opening

USA 1.5 EUROPE’S RYDER CUP team today affirmed what was once said in Rome: the fault is not among their stars. Jon Rahm, Viktor Hovland, and Rory McIlroy led Europe’s ... Read more »

Million-Dollar Barn Find Uncovers Classic Corvettes With Less Than 100 Miles

Barn Find Corvettes Among 23 cars is a 25-mile 1990 ZR-1, a 1979 Stingray with 41 miles, and for truck fans, there’s a 1990 Chevy 454 SS with 19 miles. ... Read more »

Cocaine seizure: Two men rescued from stricken Wexford trawler appear in court charged with conspiracy to import drugs

Two men have appeared before Waterford District Court charged with conspiracy to import drugs. Jamie Harbron (31) with an address listed at 26 South Avenue, Billingham, Stockton on Tees, UK ... Read more »

Noel Fielding says Bake Off fans ‘freaked’ out over complicated format last year

Noel Fielding said ‘this year we’ve gone back to some classics’ (Matt Crossick/PA) Noel Fielding has said The Great British Bake Off has gone back to basics this year as ... Read more »

Ryder Cup 2023: 'Act like a child': Brooks Koepka takes a wild shot at Jon Rahm after tense match

ROME, ITALY – SEPTEMBER 29: Brooks Koepka of Team United States looks on on the 11th hole during the Friday afternoon fourball matches of the 2023 Ryder Cup at Marco ... Read more »

EastEnders star Vicki Michelle heartbroken after ‘baby sister’ dies as she pays tribute

‘Allo ‘Allo! star Vicki Michelle has been left utterly heartbroken as her beloved “baby sister” Suzie has sadly died. The comedy actress, 72, who most recently appeared on EastEnders, shared ... Read more »

Greggs is giving out free food and there really isn't a catch

Just sign up to the app and enjoy (Picture: Getty Images) We all love a Greggs, and when it’s free, we reckon it’ll taste even better. Sometimes, it feels impossible ... Read more »

Red Bull never considered Mercedes concept: 'We went by our gut feeling'

Red Bull never considered Mercedes concept: ‘We went by our gut feeling’ In Formula 1, people are always looking to the competition for inspiration. Even Adrian Newey, responsible for one ... Read more »

Woman living in real Gavin and Stacey house gets surprise of her life

Glenda Kenyon had a birthday she will never forget (Picture: Wales News Service/BBC) The woman living in Gavin and Stacey’s real home was overwhelmed when dozens of fans showed up ... Read more »

The UK prison dubbed 'Monster Mansion' where only the worst criminals are locked up

The B-wing at Wakefield Prison, West Yorkshire The roll call of men locked up at Wakefield prison includes some of Britain’s most notorious and violent criminals. It is one of ... Read more »

Record high number of children in emergency accommodation, August figures show

Record high number of children in emergency accommodation, August figures show MORE THAN 12,000 people slept in emergency accommodation around the country in August, including a record-high number of children. ... Read more »

Strictly's Adam Thomas forced to miss training ahead of Tango on second live show

Strictly Come Dancing contestant Adam Thomas has shared with fans that he has been forced to miss some rehearsing time with his dancing partner Luba Mushtuk ahead of Saturday’s show. ... Read more »

'I was frustrated not to be in the last squad' – Belfast boy Sykes targets Ireland recall

Mark Sykes believes that his form with Championship side Bristol City merits a recall to the senior Ireland squad. Following his decision to declare for the Republic of Ireland, after ... Read more »

Carjacker kills woman by zip-tying her throat - before leaving eerie note

A carjacker killed a woman by zip-tying her throat – before leaving behind an eerie note apologising for the horrific killing. Suspect Reese Miller, 24, was caught driving a blue ... Read more »

Susanna Reid replaced on GMB again as she continues to struggle after the NTAs

Susanna Reid has apologised to her followers as she revealed that she would not be presenting Good Morning Britain again on Monday as she continues to recover from an illness. ... Read more »

Meghan Markle's unprecedented pre-royal interview 'left Palace furious'

Prince Harry and Meghan Markle have always done things their way when it comes to their relationship, ripping up the royal rule book at every twist and turn. While many ... Read more »

Thousands of local authority workers begin industrial action today

FÓRSA TRADE UNION members working in local authorities are beginning industrial action today. The union, which represents over 12,000 local authority workers, said that the decision to take action comes ... Read more »

Mother-of-one (48) is jailed for 506th conviction after stealing handbag from coffee shop

A serial thief with 505 prior convictions who stole from a woman’s handbag in a coffee shop has been jailed for four months. Mother-of-one Catherine Lambert (48) clocked up her ... Read more »

Tony Ward: If Johnny Sexton stays in this form and injury-free, Ireland will give World Cup one hell of a rattle

Johnny Sexton holds his hand after picking up a knock when scoring his first-half try Think back to those schooldays, to that dreaded final public exam, and this in a ... Read more »

Postcard from the TGV: An odyssey of a World Cup weekend

THE SUN IS rising to the right of the train as we speed past Lyon and on towards Paris. Another lovely day is upon France although, mercifully, it’s set to ... Read more »

Kingspan said to make rebuffed proposal for tie-up with Carlisle

Kingspan Group Plc made an informal approach to combine with American firm Carlisle Cos., which rebuffed the move to build a global building materials giant, people familiar with the matter ... Read more »

Americans look back on 9/11 and remember the victims on 22nd anniversary

A man leans on parapet surrounding the South reflecting pool of World Trade Center 9 11 Memorial. AMERICANS ARE LOOKING back on the horror and legacy of September 11, gathering ... Read more »

Ukraine LIVE: Russia to send ‘thousands of zombies' to fight in Putin's war of ‘madness'

Putin is increasing its professional soldier pool, according to the British MoD Russia intends to recruit more than a hundred thousand professional recruits and prisoners to “avoid further unpopular mobilisations”, ... Read more »

NFL Fans Are Praying For Family Of Legendary Giants Star

EAST RUTHERFORD, N.J. – DECEMBER 14: Quarterback Phil Simms #11 of the New York Giants huddles with the offense, including wide receiver Stacy Robinson #81 and tight end Mark Bavaro ... Read more »

Jimmy Nesbitt reveals Late Late Show date with Patrick Kielty as he tips Irish rugby team for World Cup success

Jimmy Nesbitt has revealed he will appear on the Late Late Show this month — with the actor currently in Northern Ireland training for a gruelling endurance challenge in aid ... Read more »
Top List in the World