Royal Family News: Kate Middleton’s Family Business Lost Over £1million During Pandemic

British royal family news reveals that the pandemic has hit many businesses hard, and royal status is not surefire protection against trouble. Party Pieces Holdings is one such example.

Carole and Michael Middleton are the Duchess of Cambridge’s parents and among the directors of the party decoration business.

The business has recorded losses of more than £1million after it was hit hard by the coronavirus pandemic.
Royal Family News: Kate Middleton’s Parents Have Been Indirectly Affected By Coronavirus

According to its accounts, the business had assets of £175,000 but owed £1.2million to creditors, leaving it with an overall loss of £1.067million.

Among the directors are Kate Middleton’s mother and father Carole and Michael who said losses were “forecast” and part of a major restructuring of the business.

The Middleton’s have run the company since Kate was a young girl. Nonetheless, the directors are said to be, “wholly optimistic,” about the future of the company.

Royal Family News – Kate Middleton’s Parents Run Party Pieces

The business’s accounts read, “The company began trading in September 2019 to expand and develop the existing “Party Piecesb“ rand. Loan capital investments of £1.2million were made by the directors to finance four key areas.”

Among the changes cited were a new website, the creation of own-brand products, selling wholesale, and selling in international markets.

As would be expected however an “a number of challenges,” emerged during the lockdown. During this time parties and gatherings were restricted, which would necessarily affect a party planning business.

During this time social events and large gatherings were forbidden in order to contain the spread of coronavirus.

Royal Family News – Kate Middleton’s Party Pieces Business Was Hit By COVID

Covid restrictions were just a part of the problem overall. According to the company it, “faced a number of challenges during the pandemic and the associated lockdowns in respect of product availability and logistical problems.”

Better times are on the horizon and the first four own-brand collections will debut this summer.

According to the report, “The company has invested heavily in new innovative product ranges to create proprietary Party Pieces own brand merchandise. The first four product ranges with over 50 lines are being launched in the summer of 2021 with 2 new ranges to follow in the autumn. It remains a priority of the business to introduce new ranges continually.”

Party Pieces Holdings employed 21 people during the period of September 2019 to the end of December 2020.

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