Princess of Wales’s mother and father’ get together agency purchased after falling into administration

May 18, 2023 at 9:06 PM

he get together provider enterprise based by the Princess of Wales’s mother and father has been offered in a rescue deal after falling into administration.

Party Pieces Holdings, which was based by Carole and Michael Middleton in 1987, has been offered to entrepreneur James Sinclair in a pre-pack administration deal.

The Middletons employed insolvency specialists from Interpath Advisory earlier on Thursday.

Party Pieces is a well-established model with a proud British heritage

The enterprise noticed buying and selling “impacted significantly” by the pandemic, urgent down on demand for get together decorations and personalised items.

Administrators stated the founders appeared right into a doable sale, refinancing or exterior funding as stress elevated on the agency’s liquidity.

Mr Sinclair’s Teddy Tastic Bear firm has now bought the enterprise and its belongings.

Will Wright, head of restructuring at Interpath and joint administrator, stated: “Party Pieces is a well-established brand with a proud British heritage, but like many other companies across the retail space, had been impacted profoundly by the effects of the pandemic and the ensuing restrictions on social gatherings.

“We’re pleased to have been able to conclude this transaction which sees the business acquired by James Sinclair. We wish him all the very best for the future.”