Duchess of Cambridge has gone into administration almost £2. 6 million in the red. Party Pieces Holdings run by Michael and Carole Middleton owes the taxman £612,685, details published reveal.
The couple blamed lockdown and the cost of living crisis which caused a sharp downturn in sales and cash flow problems. The company also owes £218,749 to RBS bank for a Coronavirus Business Interruption loan, £456,008 to other creditors and £1.
4 million in unsecured loans, a statement published by administrators reveal. Party Pieces has been sold in part to Teddy Tastic Bear Company Limited for £180,000, the document says, with the firm keeping on 12 employees and remaining at its current base in Ashampstead, Berkshire.
It adds that many owed cash will be out of pocket as a result of the business failure, saying: 'Based on current estimates, it is uncertain whether there will be funds available to enable a distribution to preferential creditors.
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