A party supply firm owned by the parents of the Princess of Wales Kate Middleton filed for a form of insolvency protection and was immediately sold to an entrepreneur.
(Bloomberg) — A party supply firm owned by the parents of the Princess of Wales Kate Middleton filed for a form of insolvency protection and was immediately sold to an entrepreneur.
Party Pieces Holdings Ltd., owned by Carole and Michael Middleton, appointed insolvency practitioners from Interpath Ltd. on Thursday, according to an emailed statement.
The business has been sold to Teddy Tastic Bear Co., a company owned by entrepreneur James Sinclair, through a process known as a pre-pack administration. A pre-pack is form of UK insolvency where a buyer is lined up for the business beforehand, and the company is quickly bought after entering administration.
“Trading was impacted significantly during the Covid-19 pandemic,” according to Interpath’s statement. “With pressure on liquidity increasing, the directors sought to explore sale, refinance and investment options.”
Party Pieces, which was founded in 1987, sells items including decorations, personalized cakes and pinatas, according to its website.
The sale was reported earlier on Thursday by Sky News.
–With assistance from Irene García Pérez.
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