The parents of the Princess of Wales have sold their business following a collapse into administration, Sky News has reported.
Party Pieces Holdings was purchased from Carole and Michael Middleton on Thursday by entrepreneur James Sinclair’s company, Teddy Tastic Bear Co.
The business specialises in party decorations, tableware, and gifts.
It is reported that the deal was implemented through a pre-pack administration, and it is unclear what price was paid for the business.
Insiders said Kate Middleton’s parents had preferred to sell Party Pieces with a dowry to avoid insolvency but this proved impossible.
On Thursday morning, Interpath Advisory were appointed as administrators in court, it has been reported. They were instructed by the Middletons to find a buyer for the business earlier this year.
Trading at Party Pieces is said to have suffered during the Pandemic with the company recorded to have made losses during the last financial year.