Carole and Michael Middleton: Here's why their loan for Party Pieces was funded by taxpayers

Princess Kate’s parents, Carole and Michael Middleton, used to own a business called Party Pieces. Like so many other businesses, theirs took a hit during the pandemic as it was a party-based company and since gatherings were banned, they lost out on many profits.

According to The Times, the couple received a loan to cover their expenses during the pandemic. This piece of information has not gone down well with some members of the public who have taken to Twitter to express their disappointment.

Indeed, some users claim that the Middletons are only putting on a façade of hard-working people while they can’t support themselves. Naturally, others have defended Princess Kate’s parents.

But what really happened to the Middletons' business?

Carole and Michael Middleton needed a loan

Like many British businesses, Carole and Michael Middleton needed a loan to keep their party business afloat. This in itself is unsurprising as gatherings, parties and such were banned during the Covid-19 pandemic.

As reported by Sky News Australia, the Middletons loan was worth £220,000 from NatWest and was funded by taxpayers. This news was met with harsh criticism from the public. On Twitter, many are calling out the Middletons for apparently faking their hard-working ethic and self-sufficiency.

One user wrote on Twitter:

Explain to us , how the Middletons are costing the UK taxpayers money

Even if their company has been taken over, they are still millionaires

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While another added:

So now we know the narrative of how successful the Kate Middleton family business Party Pieces is & how hard working they are, was just a ruse. The truth is the real grifters were the Middletons & not Meghan Markle who came into the royal marriage as a self-made millionaire.

However, others have defended the Middletons claiming that they did what others had done during the Covid-19 pandemic.

One user wrote:

The Middletons are private citizens and haven't done anything wrong here. This is a disgusting attack on a lovely family.

While another added:

You people who love slagging off others should be ashamed of yourselves. Covid hit a lot of people hard. The Middletons worked hard to keep their business going. It was wonderful that someone could take it over for them. Besides, they deserve to enjoy their lives at this stage.

Another tweeted that what happened to the Middletons happened to plenty of other companies:

Their business was faultless, but the economy has changed. It happens to many. The Middletons are not grifters in any way.

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Carole and Michael Middleton sold their business

Despite the £220,000 loan, Carole and Michael Middleton ended up selling their business, which they started in 1987. The couple sold Party Pieces to James Sinclair, an entrepreneur, for £180,000 as reported by Daily Mail.

The Middletons sold their company for £40,000 less than the loan they received through government help. Indeed the company’s revenue dropped by over £1 million due to the pandemic. Their revenue went from £4.5 million to £.2 million in 2022.

Why are taxpayers funding the loan?

One question many may be asking themselves is, why was the Middletons loan funded by taxpayers? The simple answer is that it was part of the scheme to keep companies afloat during the Covid-19 pandemic.

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Indeed, in March 2020, now-Prime Minister, Rishi Sunak launched the Coronavirus Business Interruption Loan Scheme (CBILS). The scheme’s goal was to help businesses that were majorly affected by the pandemic.

In total during the pandemic, 109,877 loans were handed out which amounted to £26.4 billion. According to Daily Mail, taxpayers funded over £4 billion to the banks that gave out the loans.

Sources used:

Daily Mail: ‘Taxpayers may be forced to foot the bill for the Princess of Wales's parents coronavirus loan after Party Pieces went bust 'owing bank £220,000'

Sky News Australia: ‘Middleton family business Party Pieces still yet to pay back taxpayer-funded loan received amid coronavirus pandemic’

The Times: ‘Princess of Wales’s parents leave taxpayer in the red as business sold’