Party Pieces Holdings, the party company founded by the parents of the Duchess of Cambridge, has announced it has entered administration with debts of almost £2.6 million. The company, run by Michael and Carole Middleton, owes £612,685 to the taxman, £218,749 to RBS bank for a Coronavirus Business Interruption loan, £456,008 to other creditors, and £1.4 million in unsecured loans. The Middletons blamed the lockdown and the cost of living crisis for the sharp downturn in sales and cash flow problems. The recent administration has resulted in most owed cash being out of pocket, with uncertainties about whether there will be any funds for a distribution to preferential and unsecured creditors. However, despite the financial challenges, the company has been sold in part to Teddy Tastic Bear Company Limited for £180,000, keeping on 12 employees while remaining in its current base in Ashampstead, Berkshire.
James Sinclair, the children’s party entrepreneur famously known as the ‘Millionaire Clown,’ has become the savior of the Middleton family business. Sinclair, who runs a £30 million leisure empire and describes himself as inspiring, has confirmed on Instagram that he is set to take over Party Pieces. The sale was carried out through what is known as a pre-pack administration. In a statement, the head of restructuring at the financial advisory firm Interpath and joint administrator, Will Wright, commented on the sale, wishing Sinclair, the best for the future. The Middletons have reportedly appointed Interpath as strategic advisers.
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