Online party decorating company Carole Middleton has hired advisers to find new backers as it struggles with declining sales.
The mother of the Princess of Wales founded Party Pieces in 1987 with her husband Michael after he looked for inspiration for Kate’s fifth birthday party.
However, the company faced difficulties during the recent holiday period and was reportedly involved in a dispute with a supplier after experiencing a drop in customer spending due to the cost of living crisis.
Party Pieces has now appointed Interpath to advise on its strategic options, according to the Telegraph.
A company spokesperson said: “We are working with our advisors to secure additional investment that will help support the business as we look to start the next phase of our growth plan.”
Carole Middleton’s Party Cuts business has hired advisers to find new backers as it struggles with dwindling sales
On top of inflation impacting the company, the Royal Mail strike also caused delivery delays and previous Covid 19 restrictions meant fewer people were planning parties.
Originally created to provide affordable gifts for children’s parties, Party Pieces expanded to the US last year in a deal with Saker supermarket ShopRite.
Carole visited several US stores to see for herself the products, which were featured alongside her cardboard posters.
Last October it was revealed that the company had lost £285,506 in 2021, bringing its total deficit to £1.35 million.
This was reportedly the consequence of “continuing investment in the company’s growth plans, including the launch of a wholesale division and opening of new territories in the US, Europe and the Middle East.”
The company’s recent struggles also came after Party Pieces launched a rewards system for customers to earn points by shopping in November.
The brand’s best-selling Party Goods Collection features products such as plates, napkins, cups, hats, balloons, treat holders, and decorations.
The company is based at Child’s Court Farm in Yattendon, Berkshire, and employs around 40 people.
Carole and Kate Middleton pictured shopping in Chelsea in 2006
Source: | This article originally belonged to Dailymail.co.uk