On Thursday, May 18, the Princess of Wales’ parents’ party supply business, Party Pieces, was sold after encountering difficulties due to the Covid-19 outbreak.
Sale Of Party Pieces
Entrepreneur James Sinclair paid an unknown amount to purchase the company linked to the Princess Of Wales.
The mail-order company ran into problems during the pandemic. It was forced into administration before being sold to the Teddy Tastic Bear Company, one of several businesses controlled by Mr. Sinclair. The 12 workers of the firm would transition to the new owner.
According to sources, the transaction was carried out through a pre-pack administration, which means that insolvency professionals were hired before the company was sold without some of its liabilities.
The family-owned company with a long history in the party products industry, Club Green, was one of the other top bidders for Party Pieces.
About Party Pieces
In 1987, Carole Middleton created Party Pieces to find ideas for the fifth birthday celebration of her daughter Kate. Initially, the business was operated out of a four-bedroom family house in Bradfield, Berkshire.
The company provides a variety of party and birthday supplies, including banners, cakes, and custom helium balloons.
However, administrators of Interpath Advisory said that the pandemic was severely impacting trade. With cash flow under strain, the board sought to examine a range of possibilities.
As per the Mirror reports, records from Companies House show investor Darryl Eales and parent firm CEO Steven Bentwood resigned as directors in March.
The cost-of-living challenge and the Royal Mail postal strikes over Christmas are also believed to have presented difficulties for the corporation.
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