Toy business run by Kate Middleton’s parents records losses of more than £1million after company struggles amid the pandemic
- Kate Middleton’s parent’s company has recorded losses of £1million
- Directors said that the loses were ‘forecasted’ amid the coronavirus pandemic
- Middletons teamed up with new investors to develop their play and toy business
The Duchess of Cambridge‘s parent’s company Party Pieces Holdings has recorded losses of more than £1million after revealing accounts for the first time.
The directors who include Kate Middleton’s mother and father Carole and Michael said that the loses were ‘forecasted’ and that are part of a major restructuring of the business.
The Middletons teamed up with new investors to develop their play and toy business which they have run since Kate was a young girl.
Accounts for the company just posted said: ‘The company began trading in September 2019 to expand and develop the existing ‘Party Pieces’ brand.
The directors who include Kate Middleton’s mother and father Carole and Michael said that the loses were ‘forecasted’ and that are part of a major restructuring of the business
‘Loan capital investments of £1.2million were made by the directors to finance four key areas’
They are listed as buying the Party Pieces brand, and setting up a new website, developing its own-brand product ranges, selling wholesale and selling in international markets.
But the pandemic caused the company problems, the company revealed.
It said: ‘The company faced a number of challenges during the pandemic and the associated lockdowns in respect of product availability and logistical problems, however was able to trade throughout.’
The Duchess of Cambridge’s parent’s company Party Pieces Holdings has recorded losses of more than £1million after revealing accounts for the first time
The company did say that despite concerns over changes from Brexit there was no significant impact on the business.
It said: ‘During the year the company was preparing for the end of the transition period and UK’s exit from the single market. The trade deal that has been agreed has brought new processes in the import and export of goods, however the company has felt no significant impact.’
The report added: ‘The company has invested heavily in new innovative product ranges to create proprietary Party Pieces own brand merchandise. The first four product ranges with over 50 lines are being launched in the summer of 2021 with 2 new ranges to follow in the autumn. It remains a priority of yer business to introduce new ranges continually.
‘The losses in the year were forecasted and present the foundations that have been put down to trade successfully into 2021.
‘The directors are wholly optimistic with the future forecast for the business to remain on plan in the year ahead.’
The company had assets of £175,000 but owed £1.2million to creditors, meaning it had a loss of £1.067million.
It employed 21 people during the period of the accounts September 5, 2019 to the end of December 2020.