Amid Catherine Middleton’s battle with cancer, her family faces the financial fallout of their business collapse. Catherine’s parents Carole and Michael Middleton, grapple with mounting debts and the aftermath of Party Pieces’ closure. Despite their struggles, Carole is focused on taking care of her daughter.
A screen displays a news report, as Catherine, The Princess of Wales announces that she is receiving a preventative course of chemotherapy for cancer in London, England, on March 22, 2024 . | Source: Getty Images
On March 22, 2024, Catherine Middleton, the Princess of Wales, disclosed in a video that she had begun undergoing cancer treatment. The diagnosis surfaced during post-operative assessments following her abdominal surgery in January 2024.
Prince William, Prince of Wales and Catherine, Princess of Wales at St Davids Cathedral in Wales, on September 8, 2023. | Source: Getty Images
Carole Middleton departs The Lindo Wing after visiting Catherine, Duchess Of Cambridge and her newborn son in London, England, on July 23, 2013. | Source: Getty Images
The company tasked with managing the insolvency of Carole’s business has recognized that the couple is unable to cover the full fees. The Party Pieces Company, established by the Middletons in 1987, entered administration in June 2024, leaving creditors with a debt of $3.28 million.
Carole Middleton arrives at the Coronation of King Charles III and Queen Camilla in London, England, on May 6, 2023. | Source: Getty Images
Carole and Michael Middleton during day nine of The Championships Wimbledon 2022 in London, England, on July 5, 2022. | Source: Getty Images
The business proceeded to initiate a retail partnership in the US. An enthusiastic Carole had expressed that it was truly thrilling to witness the Party Pieces Collection’s expansion, beginning with Saker ShopRites, a prominent retailer in New Jersey. The family-owned business had a rich tradition of dedication to its customers and the communities it served.
Michael and Carole Middleton on day four of the Wimbledon Lawn Tennis Championships in London, England, on June 30, 2016. | Source: Getty Images
Carole and Michael Middleton attend Wimbledon in London, England, on July 2, 2014. | Source: Getty Images
Moreover, the COVID-19 loan acquired by Carole and Michael resulted in the taxpayer bearing a loss following the business’s demise. As per the provisions of the government’s COVID-19 business interruption loan scheme, the taxpayer is accountable for 80 percent of any outstanding balance owed to NatWest.
Carole Middleton and Michael Middleton arrive to see Catherine, Duchess of Cambridge and Prince William, Duke of Cambridge and their newborn son at the Lindo Wing at St Mary’s Hospital in London, England, on July 23, 2013. | Source: Getty Images
Carole Middleton attends day 3, “Ladies Day” of Royal Ascot at Ascot Racecourse in United Kingdom. | Source: Getty Images
Furthermore, this scenario led to Interpath’s team being incapable of recouping the entire fees for the services provided by its restructuring professionals, who were being paid $716 per hour. The company also incurred costs of $327,548.
Michael Middleton and Carole Middleton exit Westminster Abbey after the Royal Wedding of Prince William to Catherine Middleton in London, England, on April 29, 2011. | Source: Getty Images
Carole Middleton attends day 5 of Royal Ascot at Ascot Racecourse in England, on June 19, 2010. | Source: Getty Images
The insider emphasized that Carole embraced accountability and acknowledged her own naivety in relinquishing control of the business she had nurtured for decades. Witnessing the company being sold off left her profoundly saddened.
The source revealed that in truth, Carole had distanced herself from the business over three years ago, entrusting the everyday operations to a new management team. Unfortunately, as the business took a downturn, she realized the situation too late.
Michael and Carole Middleton come out of Westminster Abbey in London, following the wedding ceremony of Britain’s Prince William and their daughter, on April 29, 2011. | Source: Getty Images
In June of 2023, a report submitted to Companies House stated that due to the company’s cash flow difficulties and failure to find extra funding, redeeming the company was not feasible. Party Pieces has now been sold through a pre-pack administration deal to entrepreneur James Sinclair for $227,523.
Carole Middleton and Catherine, Duchess of Cambridge attend day 1 of Royal Ascot at Ascot Racecourse in England, on June 20, 2017. | Source: Getty Images
Catherine, Duchess of Cambridge attenda The Queen’s Birthday Party at the British Ambassadorial Residence in Berlin, Germany, on July 19, 2017. | Source: Getty Images
Now, as the family grapples with their business challenges, Carole, who stood steadfastly by Catherine’s side during her cancer battle, is resolute in her determination to shield her daughter from concerns about their financial troubles.
Carole Middleton attends day 3, “Ladies Day” of Royal Ascot at Ascot Racecourse in United Kingdom. | Source: Getty Images
The source added that Catherine and her parents maintain a close bond, frequently checking in with each other. Still, talks about the business were absolutely off-limits, as Catherine needed to prioritize her health and well-being.
Catherine, Duchess of Cambridge attends the EE British Academy Film Awards at the Royal Albert Hall in London, England, on February 2, 2020. | Source: Getty Images
Royal commentator Afua Hagan also highlighted Carole’s efforts to shield her daughter from stress during her chemotherapy. She emphasized that despite the devastating impact of Party Pieces’ collapse on the family, Carole’s priority is undoubtedly her daughter’s well-being.
Catherine, Duchess of Cambridge enjoying the Junkanoo carnival atmosphere in Nassau, Bahamas, on March 25, 2022. | Source: Getty Images
Author Christopher Andersen, renowned for his books on the royals, emphasized that no one in the royal family was embarrassed by Party Pieces’ failure. He cautioned against assuming the Middletons were financially destitute, noting their substantial personal assets despite the business collapse.
Regarding Party Pieces, Christopher explained that the business thrived until the pandemic struck, causing devastating effects. The market for their products plummeted, leaving the company in dire straits.
Gary Goldsmith attends the wedding of Pippa Middleton and James Matthews at St Mark’s Church in Englefield Green, England, on May 20, 2017. | Source: Getty Images
So, Christopher pointed out that for nearly two years, nobody gave children’s parties, and the lingering effects proved devastating. The entire market for what Party Pieces was selling went straight off the end of a cliff.
Michael and Carole Middleton pose for a photograph at their home in Berkshire, southern England on November 16, 2010. | Source: Getty Images
Christopher also suggested that amidst the royal family’s ongoing challenges, concerns about the Middletons’ financial setbacks were unlikely to be a priority. With the king’s cancer battle and Catherine’s diagnosis, their focus is understandably elsewhere. He underscored Carole’s dedication to supporting her daughter during this challenging time, highlighting their strong bond.
Catherine, Duchess of Cambridge and Carole Middleton attend Royal Ascot 2017 at Ascot Racecourse in England, on June 20, 2017 . | Source: Getty Images