The Covid-19 pandemic left the family business of the Princess of Wales’ parents with millions of euros in debt.
The Princess of Wales, Kate Middleton and his family are facing a difficult economic situation due to the poor management of his parents in the family business of party supplies, Party Pieces. It entered a stage of suspension of payments and has a debt of 3 million euros with its creditors.
Their situation is so complicated that they cannot pay the 300,000 euros that a firm charged them to restructure their debts, Interpath AdvisoryThis is the company that was in charge of the insolvency process of Party Pieces and of renegotiating with each creditor. It was learned that this group received fees for 55,000 euros but the Middleton family reported that it will not be able to cover the rest of the costs or the recovery of its business.
What happened to Party Pieces, the company founded by Kate Middleton’s parents?
The party products company was founded by Carole and Michael Middleton, the parents of the Princess of Wales, in 1987. This business started as a small venture which was run in the kitchen of the couple’s home. But Party Pierces was so successful that it allowed them to enroll their three children in the prestigious boarding school at Marlborough College.
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Vanities
Michael left his job as a manager at British Airways to devote himself full-time to the family business in 1989. In the mid-1990s, the growth of Party Pierces required them to move their work to large buildings in the Berkshire agricultural area.
The party company had a prosperous history until the pandemic hit. Covid-19 due to the suspension of celebrations and the respective confinement. Party Pierces entered into a process of production lapses and suspension of paymentsThis was followed by the retirement of Carole Middleton and in 2023 the company was sold to James Sinclair for €200,000.
The family’s problems did not end with the sale of the company. They received very little for it and have little capital to pay off the family’s debts. The spokesman for the company that sold them helium for their balloons told the Daily Mail: “What hurts me most is that I trusted her (Carole Middleton) as the mother-in-law of the future King and she simply betrayed me.”
Source: Ambito
I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.
