Tax-payers may be forced to foot the bill for the Princess of Wales's parents 'coronavirus loan'

Logo Daily MailDaily Mail
2023-05-29 01:46:59  • 3 mins

The Princess of Wales's parents' Party Pieces business which collapsed earlier this month will leave the taxpayer facing a loss, according to reports.

Carole and Michael Middleton received a loan from NatWest backed by the taxpayer during the pandemic lockdown, when parties were banned.

Party Pieces, which was established by the couple in 1987, is in an insolvency process and owes NatWest 220,000, The Timesreported.

The company has been sold through a pre-pack administration deal to entrepreneur James Sinclair for 180,000 - 40,000 less than what Party Pieces owes for the loan.

The taxpayer is liable for 80 per cent of what is owed to NatWestunder the terms of the governments coronavirus business interruption loan scheme.

It is understood that Carole Middleton had stepped back from day-to-day management in 2019 but remained a 'brand ambassador' and a director at the business, becoming more involved earlier this year to try and secure its future.

The pandemic proved catastrophic for the previously popular party company, leading the owners to call in advisers from restructuring firm Interpath.

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