Middletons’ Party Pieces Business Goes Bust Owing £2.6m, Including £613,000 to His Majesty’s Revenue.

Carole and Michael Middleton‘s business Party Pieces has gone bust, with angry creditors saying it owes around £2.6million British pounds in debts, and saying that they feel betrayed since they had absolute trust in the couple who are closely connected to the Royal family.

The business, which sells party supplies, was started by Catherine, Princess of Wales‘s parents in 1987, but has since run into financial difficulties. The COVID-19 pandemic was disastrous for the company, because parties and gatherings were forbidden in Britain.

According to an administrator’s report, from those seeking to recover money for the business’s creditors, there is around £2.6m worth of debt.

Among these debts include a payment of £218,749 to RBS bank to cover an unrepaid Coronavirus Business Interruption loan, £1.4m in unsecured loans and £456,008 to other creditors.

The report, says it is “highly unlikely” any creditors will get any money back.

Landlord faces “severe financial consequences”.

Lord Iliffe is one claiming he has been left short-changed. He was Party Pieces’ landlord, and owned the land that the company operated from for many years.

Lord Iliffe is owed £57,480. James Hole, his agent, says the estate faces “severe financial consequences” over the unpaid money.

He continued: “They have been long-term tenants. We were astonished about the amount of money owed to others.”

Another creditor, who wished to remain anonymous, said his company had begun protracted talks with Party Pieces. However, it became clear that nothing could be struck.

The insider added: “The amount they owe HMRC dwarfs anything else they owe. That’s why we walked away — [because] of what’s owed to the public purse.”

The report compiled by administrators noted that HMRC is also owed £613,000. Before any other creditor is paid, this bill must be settled.

Gas suppliers not laughing.

Another firm frustrated by Party Pieces is Sultani Gas, a Tonbridge, Kent-based firm that supplied helium balloons.

A spokesman described how he “trusted” Carole as she was “the mother-in-law of the future king… and she just betrayed me”. They added: “It is absolutely unacceptable.”