Massive blow for Princess Kate

According to Sky News UK, Party Pieces was bought on Thursday by British entrepreneur James Sinclair who owns Teddy Tastic, a mail order stuffed toy company, as well as a firm selling ice cream and a property arm.

Kate spent time working at the party goods supplier which was set-up by her parents Carole and Michael in 1987.

The couple reportedly created the business when they were looking for colourful paper plates for Kate’s fifth birthday but couldn’t find any. They launched Party Pieces to fill the niche.

The online company, based in Berkshire, west of London, was a success for many years expanding into party decorations and personalised gifts.

At its height it was said to be worth around $56 million.

But the pandemic hobbled the business with Party Pieces recording a loss of almost $540,000 in 2021.

It also spent money expanding into the US market last year with “Party Pieces” branded shelves appearing at around 40 New Jersey chemists sporting images of Ms Middleton with the slogan “Designed with love by Carole Middleton”.

It had been thought that the family hoped to avoid insolvency by handing over a cash sum together with the business to a buyer.

Sky News UK reported that the company was sold through a pre-pack administration, meaning it had appointed insolvency practitioners before being sold without some of its liabilities.

At its sale, the Middletons still owned half he company with investors the rest. Party Pieces employs around 40 people.

The Middletons flagged a sale of the company last month in a piece with the Daily Mail. At the time it was said to be due to the family wanting to spend more time with their grandchildren, including Princes George and Louis and Princess Charlotte.

A friend of the family told the paper that “Carole and Mike are ready to retire, and rather than just shut up shop, they are looking at the options to see whether someone will buy the business.

“Carole has poured her heart and soul into Party Pieces and loves the business, but she’s 68 and is there running things pretty much full-time every day.

“It’s too much of a commitment — she wants more time for family, gardening and travel.”

However, it was also revealed that Ms Middleton had been forced to take a more hands on role in the struggling business with reports she had been asking suppliers to give Party Pieces a longer window to pay its bills after a “terrible Christmas”.

Despite the company’s recent troubles, the business’ one time success helped pay for all three of their children, including Kate, to go to exclusive British schools.