Written ByRobert Moore
Marketing Manager
Rob has over a decade of experience in web and general marketing. He has extensive knowledge of the Insolvency sector and has helped many worried directors with their questions.
Rob is now working with the Board at KSA Group Ltd to develop strategic marketing programmes to support the business plan and drive more company rescues.
Update 8th June
A report by the administrators has been filed and Party Pieces was £2.59million short of what it needed to pay off its long list of debts. The company, which had only 12 employees at the time of its administration, owed £612,685 in tax.
The business of the parents of the Princess of Wales, Carole and Michael Middleton has been sold to entrepreneur James Sinclair, after failing to avert a collapse into administration.
Party Pieces Holdings, the online party goods supplier, was launched by the Middletons in 1987. It was founded when seeking inspiration for daughter Kate’s fifth birthday. The idea was to organise imaginative children’s parties – later expanding into selling party decorations, tablewear and personalised gifts.
A pre-pack administration was said to be used for the sale, on an undisclosed sum. According to insiders, the preferred option was to have the business sold with a dowry and avert insolvency, but this was not possible. Interpath Advisory is the appointed administrator.
According to information circulated to potential bidders, Party Pieces had shown “some recent UK performance contraction during international expansion and focus on margins”. Trading is said to have been severely impacted by the pandemic and the company is reported to have made losses in the last financial year for which accounts have been filed.
Sky News reports more.