After failing to avoid administration, Party Pieces Holdings was sold to entrepreneur James Sinclair.
After administration, the Princess of Wales’ parents’ online party items store was sold.
Party Pieces Holdings, which was founded by Carole and Michael Middleton in 1987, was acquired by entrepreneur James Sinclair on Thursday.
According to sources, the transaction was conducted through a pre-pack administration. Which means that insolvency professionals were hired before the company was sold without a portion of its liabilities.
Teddy Tastic Bear Co Ltd.’s liabilities and payments were unknown.
According to his website, Mr. Sinclair “operates a £30 million business that includes leisure, childcare, outdoor attractions, commercial property, arts and crafts manufacturing, and one of the oldest ice cream companies in the United Kingdom: The Rossi Ice Cream Company.”
Sources say the Middletons wanted to sell Party Pieces with a dowry to escape bankruptcy, but it was impossible.
The court is believed to have appointed Interpath Advisory as administrator on Thursday morning.
Club Green, a family-owned party goods company, also bid for Party Pieces.
The Middletons recruited Interpath early this year to find a buyer for their daughter’s fifth birthday business.
The company now sells party decorations, tableware, and personalised gifts in addition to inventive children’s parties.
The pre-pack sale occurs just 12 days after the coronation of their son-in-law, the King.
In the latest fiscal year, the corporation lost money due to the epidemic.