Carole Middleton’s brand Party Pieces is deeply in debt, and she is trying to protect their financial woes from her daughter Kate Middleton.
As reported by The Times in the UK, the duo is unable to cover the “£260,000 (over $329,000) insolvency firm costs for their struggling business.
The company overseeing Carole’s business insolvency has recognized that the couple is unable to cover the complete fees. Party Pieces Company, established by the Middletons in 1987, entered administration last June, with debts totaling £2.6 million.
However, despite their financial troubles, Carole Middleton is reportedly determined to shield Kate from the family’s hardship as she battles cancer.
“Carole is desperately trying to keep Catherine fully focused on her recovery,” a source recently told Us Weekly. “It’s a very worrying time for the family but they are not looking for any assistance from their children.[They] don’t want them to worry. Catherine and her parents are very close. They always check in with each other. [However], talk about the business is off limits as she needs to focus on her health.”
Kate Middleton Worked For Her Family’s Failing Business Before Her Royal Wedding
Interpath Advisory has been tasked with overseeing its collapse. As reported by The Times, the company is struggling to meet expenses. They claim costs exceeding $329,000, with the amount continuing to rise rapidly.
This situation also resulted in Interpath’s team being unable to recover the full fees for the work done by their restructuring professionals. They were reportedly billing an “average hourly rate of £566 ($716).” Reports indicated that Carole was left “upset and deeply disappointed” by the circumstances.
However, Kate Middleton’s ties to her family’s failing company run deep. Before tying the knot with Prince William, Kate served as a project manager at Party Pieces. She concluded her tenure there before her and the prince’s wedding in 2011.
In 2021, Party Pieces reportedly experienced a substantial loss of over £250,000 ($316,000) due to the pandemic. Nevertheless, the company initiated a retail partnership in the U.S.
Shortly after, the future of the business appeared uncertain. Two out of their three financial backers, lingerie tycoon Steven Bentwood and former Chairman of Oxford United Football Club, Darryl Eales, stepped down from their roles as directors.