The £1.068m loss suffered by Party Pieces Holdings was forecasted and attributed to the three national lockdowns, as well as foundations put in place for 2021.
An account filing by Party Pieces Holdings, of which Carole and Michael Middleton are directors, said: ‘The company faced a number of challenges during the pandemic and the associated lockdowns in respect of product availability and logistical problems, however, was able to trade throughout.’
Despite the losses, the directors say they are ‘wholly optimistic’ about the future of the business, and plan to launch 50 new lines over the coming year.
Party Pieces Holdings was set up in September 2019, to expand the Party Pieces brand. The accounts stated: ‘Loan capital investments of £1.2million were made by the directors to finance four key areas.’
Changes included a new website, the creation of own-brand products, selling wholesale and selling in international markets.
