Kate Middleton’s brother, James Middleton, has reportedly found himself in a spot of bother, financial bother that is, in the form of huge losses on behalf of his cake company, the Nice Group London Ltd.
According to a report in the Mirror, the company racked up losses over the last year of approximately $35,000, on top of previous losses it suffered, plunging the once successful firm deeper into the red.
The loss reported relates to a period of 12 months ending in March 2014, while in the financial year 2012/13, Kate Middleton’s brother lost a whopping $32,000, and the year before that a loss of around $30,000 was reported.
On top of all that, James — who lives with sister, Pippa Middleton — also reportedly owes creditors well over $100,000, according to accounts filed at Companies House, showing that the young James has turned to his family for financial help.
In a section entitled, “Creditors: Amounts falling due within one year,” it reads, “The bank overdraft is secured by a member of the director’s family.”
James Middleton set up the company having dropped out of Edinburgh University after just a year, with one of his firm’s ventures including Nice Cakes, which sells personalized cupcakes which have company logos and photographs printed in edible ink.
A separate venture is the Cake Kit Company, which sells equipment needed to make different styles of birthday cakes, including a princess-like doll. The company is based at the same address in Berkshire where parents Carole and Michael run their successful Party Pieces firm.
James also heads up another brand, called Boomf, which prints photographs onto marshmallows.
Back in 2012, Kate Middleton’s brother defended his financial losses, telling reporters, “It is not uncommon for start-ups to make a loss in the early stages. It’s not something I’m concerned about at the moment.”
Nevertheless, neither James nor anyone from the Nice Group London Ltd. were available for comment at the time of the writing of this article.