The party supplier business founded by Kate Middleton ’s parents has been sold as part of 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 after the news broke that the company had fallen into administration following the pandemic.
The business saw trading “impacted significantly” by the pandemic, pressing down on demand for party decorations and personalised gifts.
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.”
At the height of it’s popularity, Party Pieces sold children’s party goods, ranging from balloons and streamers through to fancy dress costumes – making it a market leader when it came to throwing the perfect bash for kids.
The company was so popular online that it even turned the Middleton’s into millionaires and was a previous source of employment for Kate before she married Prince William and became the Princess of Wales.
Kate regularly helped out her parents with the business until she stepped down from the role in preparation for royal life.
In 2010, just eight months before William popped the question, Kate was even featured on the Party Pieces website, as she reflected fondly on her childhood in a string of light hearted comments.
In addition, Kate had also leant her keen photography skills to her parents as she previously took photos for the business.
Pippa Middleton, Kate’s younger sister also previously took a role in the family business, as she worked for Party Pieces on its online magazine, The Party Times.
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