Kate Middleton’s parents are fed up – they left a fortune of £ 2.6 million, “we were deceived and betrayed”

Party Pieces Holdings may have helped Carole and Michael Middleton send their children to good schools and get their two daughters married, but Middleton’s empire is now crumbling in debt.

The Daily Mail reports that creditors are angry because the party supply business started by the Princess of Wales’ parents is worth £2.6m.

Party Pieces Holdings, run by Michael and Carole Middleton, helped send their three children to Marlborough College, which costs £42,930 a year, and enabled them to purchase a £4.7m townhouse.

But at least one businessman is accusing the Princess of Wales’ mother of “treason” amid shouts of disbelief at the amount of debt the company has racked up.

The debt is now estimated at £2.6m, according to a report by trustees trying to find the money to pay back to the banks. Indeed, the Daily Mail details Middleton’s debts, £218,749 to RBS for a Covid business interruption loan, £456,008 to other creditors and £1.4m in unsecured loans.

However, it was noted in the report that it was “extremely unlikely” that the creditors would get anything. So we’re talking Fez Middleton without saving… borrowing from either of their two daughters.

Among those affected is the owner of the property in Berkshire where the company has resided for many years.

Fez, Fez, Fez, Fez Everywhere for Middleton

The Middleton family owes him £57,480 and his landlord is now facing what his agent, James Hall, describes as “dire financial consequences”.

“These are long-term renters,” he says. “We were amazed at how much money they owe others.”

Another creditor, who spoke on condition of anonymity, said his company had entered into lengthy discussions with the Middletons but realized it was pointless. “The amount they owe HMRC dwarfs anything else they owe. That’s why we walked away – [λόγω] beneficiaries of the public treasury.

Rather, it makes it clear that the Middleton family not only owes the state a loan of 219,000 pounds in exchange for the Corona virus. “There is also VAT and other things,” says the company’s former business partner.

“She was trusted as the king’s mother-in-law and betrayed me.”

Representatives of Soltani Gas, a company based outside Tonbridge, Kent, that supplied Party Pieces with helium for the balloons, say they are horrified.

The representative of the aforementioned company even stated that “what hurts me the most is that RShe trusted me as the future king’s mother-in-law – and simply betrayed me. It is absolutely unacceptable.”

How did Middleton’s empire fall?

The Middletons blamed their business closing and the cost of living crisis for a sharp drop in sales and liquidity problems.

“Based on current estimates, it is uncertain whether funds will be available to enable distributions to senior creditors. It is unlikely that funds will be available to enable distributions to unsecured creditors,” the Trustees report said.

The report detailed how the pandemic began to affect the company, saying revenue shrank from £4.5m to £3.2m between 2021 and 2022, with the company losing £900,000.

The report states: “Management attributed this to the Covid 19 pandemic which has resulted in reduced social gatherings and reduced discretionary spending due to the cost of living crisis. This has caused cash flow constraints for the company.”

In early 2023, the CEO resigned and the Middletons and other board members tried to shore up the company and find a buyer.

But the report said: “The company faced increasing pressure from creditors, including threats of liquidation motions and other legal action.”

Faced with financial challenges, the company contacted 175 potential buyers and eventually settled on a £180,000 deal, which included £120,000 worth of shares, £60,000 in intellectual property, computers, contracts and other equipment.

The official’s report stated that all 12 employees will be transferred to the new company.

The report says the business began in 1987, when “Charles Middleton began helping parents throw fancy parties.”

The current company was founded in 2019, with Carol as the brand ambassador and she and her husband, Michael, as major shareholders.