The party supplier business founded by the Princess of Wales’s parents has been sold in a rescue deal after falling into administration.
Party Pieces Holdings, which was founded by Carole and Michael Middleton in 1987, has been sold to entrepreneur James Sinclair in a pre-pack administration deal.
The Middletons hired insolvency specialists from Interpath Advisory earlier on Thursday.
Administrators said the founders looked into a possible sale, refinancing or external investment as pressure increased on the firm’s liquidity.
Mr Sinclair’s Teddy Tastic Bear company has now purchased the business and its assets.
Will Wright, head of restructuring at Interpath and joint administrator, said: “Party Pieces is a well-established brand with a proud British heritage, but like many other companies across the retail space, had been impacted profoundly by the effects of the pandemic and the ensuing restrictions on social gatherings.
“We’re pleased to have been able to conclude this transaction which sees the business acquired by James Sinclair. We wish him all the very best for the future.”
Party Pieces sells children’s party paraphernalia ranging from balloons to fancy dress costumes.
Such was the success of the internet company that it made the Middletons into millionaires.
Kate used to work for her parents’ firm but left the business in preparation for her life in the royal family.
She was featured on the Party Pieces website in March 2010 when she posted some light-hearted comments about her childhood.
A keen photographer, Kate also took pictures for the business.
Kate’s sister Pippa has also worked for Party Pieces, on its online magazine The Party Times.