The bankruptcy of Carole and Michael Middleton’s Party Pieces business is a little more complicated than originally reported. While they have been bought out by an entrepreneur, it seems that the couple’s pandemic loan is going to leave the British taxpayers on the hook for the remaining amount.
The amount on the loan that is due to the bank is over $271,000 (£220,000) and the sale of their company yielded a little over $222,000 (£180,000). So, the Middletons did not make a profit and “the taxpayer is liable to pay 80 percent” of the remaining balance, according to the Times. Much of the decline of their business was blamed on the pandemic and the lack of public gatherings. Party Pieces watched their revenue fall over $1.1 million in 2022 alone.
However, some experts point to the decline in the Middletons’ company when Carole “stepped back from the day-to-day running of Party Pieces in 2019.” Even though she stayed on as the face of the brand, behind the scenes, the business never recovered from her retirement. Things became quite dire at the end, according to the creditors’ report, obtained by the Times. “The company was both loss-making and under creditor pressure. In the absence of new funding or a solvent sale, the company was insolvent on a balance sheet and cash flow basis. The existing investors of the company had injected ad hoc funds to meet critical payments and no further funds were available from this source.”
However, Carole’s free time might be a good thing for the royal family as she’s reportedly stepping into a major role for Kate Middleton and Prince William. As grandmother to Prince George, 9, Princess Charlotte, 7, and Prince Louis, 5, she will be helping out their household as King Charles III has the Prince and Princess of Wales take on more international travel.
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