The royal family has no judgments when it comes to the financial collapse of the Middletons’ party planning company, one expert says.
“No one in the royal family is embarrassed by the failure of Party Pieces,” author Christopher Andersen, who has penned bestselling books about the royals including Brothers and Wives: Inside the Private Lives of William, Kate, Harry and Megan, exclusively told Us Weekly on Thursday, April 4.
Princess Kate Middleton’s parents, Carole and Michael Middleton, were forced to sell Party Pieces in May 2023 due to mounting debts. U.K.’s The Times reported on Monday, April 1, that the couple, who founded the company in 1987, are still struggling to come up with over $329,000 in “insolvency firm costs.”
Andersen told Us that the business failure is not indicative of the Middletons’ personal finances.
“People shouldn’t make the mistake that the Middletons are broke, because they decidedly are not. Their business went belly-up because of things entirely out of their control, but that doesn’t mean they haven’t got substantial personal assets,” he said.
Andersen pointed out that both Carole, 69, and her brother, Celebrity Big Brother star Gary Goldsmith, have built “considerable fortunes” for themselves.
“In Carole’s case, the party supply business she founded flourished for years until, like so many other businesses, it was undone by COVID. For nearly two years, nobody was giving children’s parties and the lingering effects have been devastating. The entire market for what Party Pieces was selling went straight off the end of a cliff,” he explained.
Carole and Michael’s ongoing financial troubles is just one of the problems currently plaguing the family. After over a month of speculation about her whereabouts, Kate, 42, announced last month that cancer was discovered when she underwent abdominal surgery in January. The update came one month after Buckingham Palace confirmed King Charles III’s own cancer diagnosis.
Andersen told Us that given “all that is happening with the royal family at the moment,” it’s unlikely that “the Middletons’ business setbacks” are sparking concern.
“Between the king’s cancer battle and Kate’s cancer battle, the last thing they have on their minds is how much the Middletons owe their creditors,” he said. “We have to keep in mind that Carole Middleton is focusing on helping her daughter cope with what is a devastating diagnosis. The future queen has always leaned very heavily on her mother for emotional support and encouragement, and never more so than now.”
Andersen added: “I think the King in particular appreciates how important a role Carole Middleton plays in keeping her daughter’s spirits up at this crucial time.”
While the royal family isn’t worried about the Middletons’ debt, a source told Us this week that the collapse of Party Pieces has been “devastating” for Carole and Michael, 74, who are also parents to Pippa and James Middleton.
“Carole is desperately trying to keep Catherine fully focused on her recovery,” the insider said. “It’s a very worrying time for the family but they are not looking for any assistance from their children and don’t want them to worry.”
Kate has children of her own to think of as she undergoes chemotherapy: Prince George, 10, Princess Charlotte, 8, and Prince Louis, 5, whom she shares with husband Prince William. While announcing her diagnosis via Instagram video last month, Kate explained that she took her time sharing the news for the sake of her kids.
“It has taken us time to explain everything to George, Charlotte and Louis in a way that’s appropriate for them, and to reassure them that I’m going to be OK,” she explained.
