The unpaid bills keep piling up…
Carole and Michael Middleton, the parents of the Princess of Wales, are not having an easy time. Last year it became clear that their family business was teetering on the edge of the abyss, and in recent months the situation seems to have only gone further downhill.
Party Pieces
“Party Pieces has literally grown with our family, and I am very proud of that. Pippa wrote our Party Times blog, James arranged the cakes when he finished school, and Catherine developed our first birthday and baby category,” Carole revealed in an interview with Sheer Luxe. The company, which she founded in 1987, grew over the years from the Middletons’ living room into an international player in the field of party supplies.
But last year it became clear that the family business was in dire straits. Then The Telegraph wrote that the princess’s parents were putting their company up for sale after a number of investors withdrew. In total there would be a loss of about 1.35 million pounds – the equivalent of more than one and a half million euros. A few months later it became clear that the debt amounted to more than 2.6 million pounds.
Ultimately, bankruptcy was filed – but even that would now cause further problems.
End of the party
The Times now headlines: “Bankruptcy office left empty-handed as party ends for the Middletons.” The company Interpath Advisory, which was supposed to assist Carole and Michael while their party empire collapsed, is said to have discovered that the Middletons also cannot pay the bill for their consultants.
In total, this would now have a price tag of more than £260,00. “The company discovered that Party Pieces’ bankruptcy required more hours than necessary to meet regulatory requirements and creditor requests. Interpath has been paid £51,437 in bills and, although more will be paid out in due course, it has been determined that the full bill will not be paid,” The Times said.
Last year, in a last-ditch effort, the company was sold to entrepreneur Paul Sinclair for £180,000. However, this amount was not sufficient to pay off the outstanding debts (of 2.6 million pounds). Moreover, it would not only concern debts with suppliers, but also with His Majesty’s Revenue & Customs – or the British tax authorities.
Hopefully the Middletons can put this debacle behind them soon – we imagine that with Princess Catherine’s current condition, they don’t need any more headaches…
Source: The Times, Hello! Magazine | Image: NL Image
