CAROLE Middleton, the mother of the Prince of Wales, has sold her struggling Party Pieces business to a man known as “the millionaire clown”.
Ms Middleton started her Party Pieces business in 1987 with her husband Michael after Kate’s fifth birthday party sparked a lightbulb moment.
Carole and Michael Middleton have sold their struggling Party Pieces business
After growing the firm into a multi-million pound business, Party Pieces was badly hit by the pandemic and covid restrictions and last month the company called in advisers at restructuring firm Interpath to raise fresh funds for the business.
The business has now been sold in a pre-pack deal, which means it briefly goes bust before a sale is agreed, to James Sinclair, an Essex-based entrepreneur who started out at 15 as a children’s entertainer, Jimbo the Partyman.
Interpath Advisory said they were appointed joint administrators and immediately following their appointment they sold the business to Teddy Tastic Bear Co Ltd.
The terms of the deal have not been disclosed, but it is understood that it only values the stock, meaning that its debts will have been wiped out and suppliers may lose out.
James Sinclair, is known as the richest clown in the UK after expanding his entertainment business into an empire with sales of over £10 million.
He also owns ice cream parlours, eight playcentres, a family splash park, a children’s farm and Teddy Tastic, an online make-a-bear company.
Mr Sinclair, who has published business books, including one called The Millionaire Clown: The Rules for Making It In Business, regularly posts entrepreneurial advice on TikTok, YouTube and Instagram.
Yesterday’s social media video included him saying: “If I wanted to just make money I’d just sell up and do commercial property because there’s so much money…I wouldn’t feel fulfilled.”
Mr Sinclair posted a clip of a news article on the Party Pieces deal saying “Latest acquisition”.
Will Wright, head of Restructuring at Interpath Advisory and joint administrator, said: “Party Pieces is a well-established brand with a proud British heritage, but like many other companies across the retail space, had been impacted profoundly by the effects of the pandemic and the ensuing restrictions on social gatherings.
“We’re pleased to have been able to conclude this transaction which sees the business acquired by James Sinclair. We wish him all the very best for the future.”
