The parents of the Princess of Wales, Carol and Michael Middleton are in the middle of controversy for the way they have run their business.
The family business that turned Kate Middleton’s parents into millionaires filed for bankruptcy last May and now it is known that they have a large debt that they cannot pay.
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Kate Middleton’s parents’ business
According to a report by British specialists focused on business insolvency, the Middletons have a debt that exceeds 3 million dollars.
The company Party Pieces, founded by Carole and Michael Middleton in 1987 to sell party supplies, has accumulated a debt including taxes of more than half a million dollars.
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Due to the effects of the covid-19 pandemic, the family business suffered a drop in revenues, as did thousands of businesses worldwide.
As a result, in January of this year, the company received threats from its suppliers, who demanded payment of the outstanding debt.
Although the family business was already facing financial problems before the pandemic, the restrictions resulting from the health emergency had a devastating impact.
In May of this year, British entrepreneur James Sinclair, known for his successful ice cream business, entered into a rescue agreement to acquire the family business.
Currently, Party Pieces’ creditors and suppliers are very upset with its founders, the Middleton family.
A spokesman for Sultani Gas, supplier of helium for the balloons, expressed his disappointment in an interview with the Daily Mail newspaper, saying, “What hurts me most is that I trusted her (Carole Middleton) as the future king’s mother-in-law and, quite simply, she betrayed me.”
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Carole and Michael Middleton’s then-successful venture, enabled their three children, Kate, Pippa, and James, to attend the most prestigious schools in the UK.
Thanks to their success, the parents were able to pay for Kate’s studies at the University of St. Andrews in Scotland, where she met Prince William.