Weeks ago, we heard the somewhat sudden news that Carole Middleton hired an “adviser” to help her sell Party Pieces, the “party supply” catalog company widely reported to be the source of the Middleton family’s mysterious wealth. It was no secret that PP’s business has been failing for years, and while the Middletons blamed the pandemic and the post office, I would argue that party-supply discount stores and Amazon are the real reasons why PP has lost millions. Plus, not for nothing, I never believed that PP was all that successful to begin with. Well, recently we heard that Carole and Mike Middleton are definitely selling the business and they’re planning on retiring to spend more time with their grandkids. Well, funny story – PP’s business is in such shambles that the Middletons are offering a six-figure “dowry” to whoever “buys” the company.
Party Pieces, the online party goods supplier founded by the Princess of Wales’s parents, is considering handing a six-figure sum to a buyer as part of efforts to offload the business.
Sky News has learnt that a dowry deal is one of the options being considered by Carole and Michael Middleton as they seek new owners for the company they founded in 1987. Sources said on Monday that a dowry was under discussions with prospective bidders as the Middletons and their advisers at Interpath, the restructuring firm, seek to finalise a deal.
One of the leading contenders to acquire Party Pieces is Club Green, a family-owned business which has also operated for decades in the party goods sector, the sources added.
The Middletons, who conceived the business as they were seeking inspiration for daughter Kate’s fifth birthday, were reported to have instructed Interpath to find a buyer last month. Insiders said there were “multiple parties” interested in acquiring Party Pieces.
The prospective dowry is said to be worth less than £1m. According to information circulated to potential bidders, Party Pieces has shown “some recent UK performance contraction during international expansion and focus on margins”. The company is reported to have made losses in the last financial year for which accounts have been filed.
One industry source said the Middletons were “trying to do the right thing for the business and its stakeholders”. A spokesperson for Mrs Middleton declined to comment, while Interpath also declined to comment.
While I don’t have an MBA, I can safely say that it’s a really horrible sign that the Middletons have to pony up hundreds of thousands of dollars/pounds to SELL their business. While we knew the business wasn’t healthy or successful, before now, I never really considered the fact that PP likely holds more debt than it’s worth. Think of it less like a “dowry” and more like “whoever ‘buys’ Party Pieces will be buying debt, and the whole thing will probably be some huge tax write-off.” They’re not looking for someone to buy the business, this is a fire sale and someone is basically just being paid to take their remaining product and then PP will cease to exist. Jesus H. This is a horrible look for the Future Queen’s parents. Carole so wanted to be queen too.
Photos courtesy of Backgrid, Avalon Red, Cover Images.