Carole Middleton's company collapse results in family businesses losing £450,000
Carole Middleton's company collapse results in family businesses losing £450,000
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Carole Middleton's company collapsing has resulted in a string of family businesses losing £450,000.
Party Pieces, the business run by the Princess of Wales's parents, went bust earlier this year, causing the couple to "keep a low profile".
Administrators do not expect small firms that supplied balloons, toys and party bags to get their money back, according to a newly released report.
Carole and Michael's business also owes £613,000 in unpaid VAT, which is "unlikely" to be repaid, the report by the administrators, Interpath Advisory, suggests.
Kate's parents founded Party Pieces in 1987
PA
Party Pieces, which sold decorations and party paraphernalia for children’s events, was founded by Carole, 68, and Michael, 74, in 1987.
It was once reported to be worth a whopping £30million.
However, the coronavirus pandemic hit the business hard and it collapsed into administration in June with a reported £2.6million in debts.
Administrators warned at the time that unsecured creditors are unlikely to receive their money back.
Carole and Michael Middleton at last year's Christmas carol concert
PAA new report released last week shows it is extremely unlikely that suppliers will be repaid.
It states: "Based on current estimates, we do not expect there to be a dividend to unsecured creditors."
One such business unlikely to be repaid is Sultani Gas, a Kent-based company that supplied Party Pieces with helium for its balloons.
James Sinclair, who bought Party Pieces for £180,000 without its debts, said in a statement: "Where we can, we have retained as many suppliers as possible."
GB News has approached Sinclair and Carole Middleton's representatives for comment.
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Carole and Michael Middleton prefer to 'keep a low profile'PAThis comes as Carole and Michael Middleton put on a brave face while attending their daughter Kate's Together At Christmas carol concert on December 8.
Carole looked lovely wearing a striking velvet ensemble.
The businesswoman teamed her black high-waisted trousers with a matching top and a double-breasted cropped blazer from Great Scot.
The Christmas carol concert will air tonight at 7.45pm on ITV 1.