The New Owner of Carole Middleton's Party Pieces Is Jumping to Her Defense Amid Financial Fallout
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Carole and Michael Middleton are just trying to put the collapse of their Party Pieces business behind them, but their creditors, who are still owed money, won’t let them forget. In addition to the negative poster campaign that targeted the couple, the new owner of Party Pieces has entered the chat. He had a lot to say about Carole, and even though it was complimentary, we have a feeling she would prefer it if the press attention disappeared.
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James Sinclair, who resurrected the Party Pieces business from bankruptcy, but did not acquire its debt, spoke to The Telegraph about who is to blame for the company’s downfall. Carole “handed Party Pieces over to investors and shareholders” after she “had reached her mid-60s and quite rightly wanted to spend more time with her family.” Sinclair claimed, “It was in textbook condition; a really nice company that was regularly making a profit of £1m a year from a £3-£5m turnover.” The investors discontinued a much-beloved quarterly catalog and then the pandemic created absolute chaos for Party Pieces — the business was finished.
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Sinclair wants critics to stop blaming the Middletons because it wasn’t their fault. “We were trying to do a solvent sale, but it wasn’t possible. We bought it out of administration and as a result, creditors won’t get paid although Carole was desperately trying to avoid that happening,” he noted. He believes she did her best to save the company from going bankrupt since she was still the face of the brand, but it was too late. “I don’t think it’s Carole’s fault,” he added. “She sold half the business at 65 years old to an investment firm and in my view, they ruined it.”
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The suppliers, who were left being owed money, will likely never see a dime because the new owner revealed, “Carole didn’t get any of the administration proceeds. She’s not got a big fat cheque for selling her business.” The money that was invested in the business is gone — the investors and the pandemic basically wiped them out.
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