Kate Middleton's Mom Carole Embroiled in Major Business Scandal
Kate Middleton's family is under scrutiny after her mother's latest business venture collapsed with millions of dollars in debt, leaving some lenders holding the bag. Carole Middleton founded her business, Party Pieces, in 1987 and has often been characterized as a successful entrepreneur according to a report by The Daily Mail. However, earlier this month the company went under to the astonishment of royal admirers.
Party Pieces started as a mail-order service where customers could rent or purchase supplies for a large gathering, including disposable cutlery, costumes, and festive decorations. Years later, the internet allowed the business to expand and transform, but it reportedly operated as a privately owned partnership. In the U.K., this means the business wasn't required to file paperwork on its finances which would have made the Middleton family fortune more transparent.
At the beginning of June, Party Pieces was sold to Scottish businessman James Sinclair, at which point it promptly collapsed. It left behind 2.6 million pounds in debt – the equivalent to $3.3 million in the U.S. Not only was this bad news for Sinclair and the Party Pieces employees, but it was a catastrophe for some of the suppliers who were counting on Party Pieces to continue purchasing inventory and helping to move it around the globe.
One supplier spoke to The Daily Mail on the subject – a spokesperson for the company Sultani Gas who sold helium to Party Pieces. They said that Party Pieces owes them over 20,000 pounds in unpaid invoices, adding: "What hurt me the most was that I trusted her as the mother-in-law of the future King and she just betrayed me. It is absolutely unacceptable."
Taxpayers may have reason to take issue with this financial mishandling as well. Party Pieces reportedly received an emergency government loan of 219,000 pounds during the height of the COVID-19 pandemic. Meanwhile, the Middleton family's personal fortune seems to be doing just fine – at least judging by their real estate portfolio and outward signifiers of wealth like designer clothes and expensive recreational activities. However, because the business structure was altered a few years ago, Carole and her husband Michael Middleton do not bear any personal responsibility for the debts of Party Pieces.