Kate Middleton's parents’ party firm bought after falling into administration

ok.co.uk:

The party supplier business founded by Kate Middleton ’s parents has been sold as part of a rescue deal after falling into administration.

Party Pieces Holdings, which was founded by Carole and Michael Middleton in 1987, has been sold to entrepreneur James Sinclair in a pre-pack administration deal.The Middletons hired insolvency specialists from Interpath Advisory earlier on Thursday after the news broke that the company had fallen into administration following the pandemic.The business saw trading “impacted significantly” by the pandemic, pressing down on demand for party decorations and personalised gifts.

Administrators said the founders looked into a possible sale, refinancing or external investment as pressure increased on the firm’s liquidity.

Mr Sinclair’s Teddy Tastic Bear company has now purchased the business and its assets. Will Wright, head of restructuring at Interpath and joint administrator, said: “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.