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Kate Middleton’s Parents Face Financial Debt: Why Did Family Business Party Pieces Fail?
Princess Kate Middleton’s family is at the center of some financial troubles after her parents, Carole and Michael Middleton, were forced to say goodbye to the family business they had operated for several years. Now, they’re facing large amounts of debt. What led to the Middleton family’s money problems?
Why Did Carole and Michael Middleton Have to Sell Their Family Business?
In May 2023, Carole and Michael were forced to sell their business, The Party Pieces Company, which sold party supplies. The Middletons founded the business in 1987, but after experiencing cash flow problems, the company “collapsed in administration,” per The Guardian.
Party Pieces was purchased by fellow businessman James Sinclair, who also owns Teddy Tastic Bear Co Ltd. When the Middleton’s business went into administration, they owed creditors approximately £2.6 million. In April 2024, it was revealed that the family can’t produce the “£260,000 (more than $329,000) insolvency firm costs,” per The Times.
Carole Middleton Doesn’t Want Kate to Worry About the Family Debt
Due to Kate’s recent cancer diagnosis, Carole reportedly doesn’t want to add any extra stress in her daughter’s life so she’s been attempting to shield her from news about her parents’ financial struggles.
“Carole is desperately trying to keep Catherine fully focused on her recovery,” a source told Us Weekly in an article published on April 4, 2024. “It’s a very worrying time for the family but they are not looking for any assistance from their children and don’t want them to worry. Catherine and her parents are very close and they always check in with each other, but talk about the business is off limits as she needs to focus on her health.”
Royal commentator Afua Hagan also weighed in on the situation with the publication.
“It’s a stressful time at the moment and she will be pulling out all the stops to shield her daughter from this,” Afua said in the article published on April 4, 2024. “Party Pieces has collapsed and it’s been devastating for the family, but Carole will be most concerned about Kate’s well-being right now.”
Did Kate Middleton Ever Work for Her Family’s Business?
Before Kate married Prince William, she worked for Party Pieces in the role of Project Manager. However, she left her position at her family’s company shortly before her wedding in 2011. Both of Kate’s siblings, James Middleton and Pippa Middleton, worked for the business as well.
“Party Pieces has literally grown alongside my family, and I’m very proud of that,” Carole told Sheer Lux in a February 2022 interview. “Pippa wrote our ‘Party Times’ blog, James did the cakes when he first left school and Catherine developed our first birthday and baby category.”
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