THE business founded by the Princess of Wales’s parents has been saved from falling into administration after being bought by an Essex businessman.
Party Pieces Holdings, founded by Carole and Michael Middleton in 1987 has been sold to Essex entrepreneur James Sinclair in a pre-pack administration deal.
The business sold party decorations and supplies.
Mr Sinclair is the CEO of the Partyman Group which owns Marsh Farm, Rossi Ice Cream, Partyman World and more.
He has taken the business under his wing alongside his other successful businesses.
The party business and its assets have been purchased by Mr Sinclair's Teddy Tastic Bear company.
The Middletons hired insolvency specialists from Interpath Advisory earlier on Thursday.
The business saw trading “impacted significantly” by the pandemic, pressing down on demand for party decorations and personalised gifts.
Will Wright, head of restructuring at Interpath and joint administrator, said: “Party Pieces is a well-established brand with a proud British heritage, but like many other companies across the retail space, had been impacted profoundly by the effects of the pandemic and the ensuing restrictions on social gatherings.
“We’re pleased to have been able to conclude this transaction which sees the business acquired by James Sinclair. We wish him all the very best for the future.”
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