Kate Middleton’s family business sold amid cash struggles

The Middleton business – which at its height was worth around $50m – has been sold on the brink of bankruptcy.

The online party goods supplier founded by the Princess of Wales’s parents has been sold after collapsing into administration during the Covid pandemic.

Party Pieces Holdings, which was launched by former air hostess Carole Middleton while looking for inspiration for her daughter Catherine’s fifth birthday party, was put up for sale last year and bought on Thursday by entrepreneur James Sinclair.

Sources said the sale had been struck through a pre-pack administration, meaning it had appointed insolvency practitioners before being sold without some of its liabilities.

Kate’s parents have been forced to sell their party supplies shop. Picture: AFP

It was unclear how much Mr Sinclair’s company, Teddy Tastic Bear Co Ltd, had paid for the business.

His personal website states Mr Sinclair “operates a £30m business which includes leisure, childcare, outdoor attractions, commercial property, arts and crafts manufacturing as well as one of the UK’s oldest ice cream companies; The Rossi Ice Cream Company”.

Michael and Carole Middleton. Carole started the party supplies business. Picture: AFP

Interpath Advisory was on Thursday appointed as administrator in court.

Other leading bidders for Party Pieces included rivals Club Green, a family-owned business which has also worked the party goods sector.

The Middletons instructed Interpath to find a buyer earlier this year after the company had been severely impacted by the pandemic and is reported to have made losses in the last financial year.

Catherine, Princess of Wales, visits the Anna Freud Centre in London amid news of the Middleton family business being sold. Picture: AFP

Carole and Michael Middleton put up the firm for sale after two of their three financial backers pulled out.

Steven Bentwood, chief executive of parent company Party Pieces Holdings since 2019, and investor Darryl Eales resigned as directors in March, according to documents filed at Companies House.

Party Pieces was started by Carole Middleton, before her husband Michael joined in, with their children Kate, Pippa and James all helping out at its Berkshire headquarters, as well as posing for catalogue and website pictures over the years.