18 May 2023 , 13:22
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A party supplies company founded by the Princess of Wales ' parents has been sold today after facing challenges during the Covid-19 pandemic.
Party Pieces, run by Carole and Michael Middleton from a converted barn near their West Berkshire home, was purchased by Teddy Tastic Bear Co Ltd, which is owned by entrepreneur James Sinclair.
According to his website, Mr Sinclair is the founder and CEO of the Partyman Group of Companies.
It adds: "Today James operates a £30 million 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."
Interpath Advisory was appointed as administrator in court this morning.
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Party Pieces was launched by Carole and Michael Middleton from a converted barn near their West Berkshire home (Getty Images)Will Wright, head of Restructuring at Interpath Advisory 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 was founded in 1987 to create imaginative parties for children, and went on to sell products including party decorations, tableware and personalised gifts.
The company was incorporated in September 2019, but trading was impacted significantly during the Covid-19 pandemic, according to Interpath.
The Princess of Wales during a visit in London today (PA)
Kate's parents in London in July 2019 (Getty Images)Kate's parents had wanted to sell the firm with a dowry and avoid insolvency but this apparently proved impossible, with Sky News quoting a source saying the sale was carried out through a pre-pack administration.
Last month, it was reported that the Middleton's had put the firm up for sale after two of their three financial backers pulled out.
Documents from Companies House show that Steven Bentwood, the parent company's chief executive, and investor Darryl Eales stepped down as directors in March.
The company is also said to have faced challenges amid the pandemic, cost-of-living crisis and Royal Mail postal strikes last Christmas.
A source previously told the Daily Mail: "'Carole's been explaining that it has been a terrible Christmas, made worse by the postal strikes.
"She has emphasised that she'd like to continue doing business with them [the suppliers], but would like terms allowing Party Pieces 90 days rather than the usual 30 days."
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A friend also said the couple were looking to retire but, rather than shut up shop completely, wanted to see if someone will buy the business.
They added: "It's too much of a commitment - [Carole] wants more time for family, gardening and travel."