The family business that made millionaires of the parents of the Princess of Wales, Kate Middleton, wife of Prince William, failed in May, leaving debts of 2.6 million pounds (which is equivalent to $ 3.2 million, or about Rs. $157 million at current prices), according to a report by insolvency experts.
The unpaid bills for Party Pieces, a mail-order party supplies company founded by Carole and Michael Middleton in 1987, include more than £612,000 in tax.
Carole Middleton, 68, launched the business after looking for ideas for her daughter’s fifth birthday. The company has grown over the years generating significant profits. In 2012, the Middletons bought a West London mansion near the Windsor royal estate for £4.7 million.
Catherine, then simply known as Kate Middleton, worked for Party Pieces as a website designer and photographer before her 2011 wedding to William, the eldest son of King Charles III and now heir to the throne.
But after suffering the fallout from Covid-19, earlier this year unpaid suppliers threatened legal action against the company. In May, a contest of creditors took place and she was sold to British businessman James Sinclair for an undisclosed sum.
Party Pieces has been “deeply affected by the effects of the pandemic and subsequent restrictions on social gatherings,” said Will Wright of management group Interparty Advisory. His report stated that the company lacked 2.59 million pounds (R$ 15.8 million, at current prices) for the company to pay off all its debts.
Source: Folha
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