Sky News has learnt that Party Pieces Holdings, which was launched by Carole and Michael Middleton in 1987, was bought on Thursday by James Sinclair, an entrepreneur
It was unclear what price Mr Sinclair's company, Teddy Tastic Bear Co Ltd, had paid or how big the liabilities were that had been left behind.
The Middletons' preferred option had been to sell Party Pieces with a dowry and avert insolvency but this proved impossible, according to insiders.Interpath Advisory is understood to have been appointed as administrator in court on Thursday morning. The Middletons, who conceived of the business as they were seeking inspiration for daughter Kate's fifth birthday, instructed Interpath to find a buyer earlier this year.Originally set up to organise imaginative children's parties, the business expanded into selling party decorations, tableware and personalised gifts.The pre-pack sale comes just 12 days after the King's coronation, their daughter's father-in-law.
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