Carole and Michael Middleton's party accessories business has been sold after it failed to avoid collapsing into administration, according to reports.
Party Pieces Holdings, which was launched by the Princess of Wales's parents in 1987, was bought on Thursday by entrepreneur James Sinclair, Sky News reports.
Sources said the sale had been implemented through a pre-pack administration, meaning it had appointed insolvency practitioners before being sold without some of its liabilities.
Mr Sinclair, who is a director of Teddy Tastic Bear Co Ltd, "operates a £30million business which includes leisure, childcare, outdoor attractions, commercial property, arts and crafts manufacturing as well as one of the UK’s oldest Ice cream companies; The Rossi Ice Cream Company," according to his personal website.
Carole, 68, revealed in an interview in 2021 that she had a lightbulb moment after struggling to find decent party supplies for her daughter Kate's fifth birthday.
© GettySpeaking to The Daily Mail, the 66-year-old said it inspired her to come up with her business idea for her company, Party Pieces.
"All I could find were basic clown plates," she said. "I realised there was a gap in the market for party ware that wasn't too expensive and which looked good, so decided to design my own. I took some prototypes to various High Street retailers and was turned away."
© GettyUndeterred, Carole then set up her own party supplies business from the Middletons' family home in Berkshire, distributing leaflets at her daughters' nursery school. Going from strength to strength, the Middletons moved the business from a small start-up unit to a warehouse at Child's Court Farm in Reading, where it has been based ever since 1995.
Last October, Party Pieces was also launched in the US, with the range stocked in 39 Saker ShopRite stores.
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© Getty"It's very exciting to see our Party Pieces Collection expanding into the U.S. starting with Saker ShopRites, a leading retailer in New Jersey and family-owned business with a long history of commitment to the customers and communities its stores serve," Carole shared at the time.
"This is the culmination of great teamwork, and we’re happy to partner with Saker ShopRites for our initial launch."
Carole and Michael were among the 2,300 guests at King Charles and Queen Camilla's coronation at Westminster Abbey on 6 May, along with their younger children, Pippa Matthews and James Middleton.
© GettyThe Middletons were also spotted at the star-studded coronation concert at Windsor Castle the day after the historic event.
Carole and Michael are grandparents to Kate's three children, Prince George, Princess Charlotte and Prince Louis, as well as Pippa's kids, Arthur, Grace and Rose.
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