Thu, 18 May 2023 | ADMINISTRATION
An online party goods supply company founded by the Princess of Wales’ parents has been acquired out of administration. Party Pieces Holdings, founded by Carole and Michael Middleton in 1987, has been acquired from administrators Interpath Advisory in a pre-pack deal by Teddy Tastic Bear Co Ltd.
The company was originally established to organise children’s parties, before subsequently expanding into the sale of party decorations, personalised gifts and tableware. According to reports, the business' performance was severely impacted by the COVID-19 pandemic and associated lockdowns, leading to it becoming loss making.
The owners had initially sought to sell the company in order to avert an administration process. In information sent to potential bidders, the business was reported to have experienced "some recent UK performance contraction during international expansion and focus on margins".
However, according to insiders, attempts to find a buyer for the business prior to insolvency were unsuccessful, leading to the appointment of administrators. Several industry incumbents were reported to be interested in the business, including party goods firm Club Green, prior to its sale to Teddy Tastic Bear Co Ltd, a company founded by entrepreneur James Sinclair.
The price paid for Party Pieces has not been disclosed, nor has the scale of its liabilities prior to the pre-pack sale. In the company’s latest available accounts at Companies House, for the year ending December 31 2021, its fixed assets were valued at £243,427 and current assets at £883,307, with net liabilities at the time amounting to £1.35 million.
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