Image: POOL (X80003)
The insolvency administrator’s report, presented on Thursday, shows that the company was unable to pay almost £2.6 million (€3 million). This included more than £600,000 in unpaid taxes. The company was “hard hit” by the corona pandemic and the associated restrictions on social gatherings, said one of the insolvency administrators on Thursday. Party Pieces was started in 1987 by Kate’s parents, Carole and Michael Middleton, when the 68-year-old mother was looking for ideas for her daughter’s fifth birthday. The company grew and made the couple millionaires.
Prior to her marriage to Britain’s heir to the throne, Prince William, in 2011, Kate also worked as a web designer and photographer in the family business. The company was valued at £44 million.
company was sold
After suppliers threatened legal action this year for unpaid invoices, insolvency administrators were named last month and the company was sold to British entrepreneur James Sinclair for an undisclosed sum.
Since the marriage of their daughter to the British heir to the throne, the Middletons have maintained close ties to the royal family and are regular guests at celebrations and gatherings. In 2012, Carole and Michael Middleton bought a £4.7million villa in west London near the royal family home of Windsor Castle.
Source: Nachrichten
