Post by esmerelda on Jun 27, 2020 21:14:04 GMT
One wonders where the saw scaled viper got the wherewithal and wonga to send her progeny to Marlborough... More about the money machinations..
Where did the story that Party Pieces is worth an estimated £30million come from, when in actual fact no-one has ever seen their accounts as it is run as a private business and appears to be operating offshore?
In April 2011 the Mail ran an article on the Middleton's supposed fortune and this is how the £30 million came about. It was simply a guesstimate made by some City analysts and even the quarter value appears to be off the mark, which we'll come to later.
QUOTE
"That is the notional figure City analysts put on the potential value of their Party Pieces empire — but only because it is now inextricably linked to the glittering world of the Royal Family through their daughter Catherine, a future Queen. Without that connection and its lucrative resonance, especially in the U.S., the company might be worth a quarter of that."
The same article also revealed:
QUOTE: "By the year 2000, a year before Kate went up to St Andrews and first met Prince William, the mail-order firm was on the internet, employed ten people and was handling more than 1,000 orders a week."
Trading on the internet? By 2000? Mr Middleton only registered the website around 2004 with a company called Pindar and hardly anyone was trading this way until later in the decade when Amazon took off. So these claims seem far fetched as does the comment by a Middleton relative in the same story that PP started when Carole was pregnant with Kate. However, their family cleaner among others has comfirmed it was when she was pregnant with James.
Anyway by April 2011 the date of the wedding the DM made the following claim that:
QUOTE:
"Today, thanks largely to an astonishing bounce brought about first by the royal romance and then the engagement announcement, business appears to be booming and Party Pieces employs 30 staff working out of two large converted farmhouses near the family’s home in rural Berkshire.
When the Daily Mail visited their premises last week a dozen trucks and vans as well as an articulated lorry were being loaded with orders."
Astonishing bounce indeed because when investigative journalist Andrew Gilligan started to unravel the mystery of their fortune just six months earlier in November 2010 at the time of the engagement PP appeared to be a much more modest operation.
Their house was bought in 1995 and either had a small mortgage {DM} or no mortgage according to DT.
In 2002 they paid £780,000 in cash on a Chelsea flat for the siblings which has no mortgage.
In 2005 they paid £295,000 again in cash for several acres of land near their home.
They holiday in Mustique where villas cost at least £20k for a week.
Ditto Scotland where luxury houses cost £5k a week.
All three children were educated at private primary schools and Marlborough School one of the most expensive in the UK Marlborough alone is estimated to have cost half a million and that's with extras such as gap year activities etc.
They own a share in a racehorse called Sohraab
Mr Middleton has a private pilot's licence and owns a light aircraft.
However, Andrew Gilligan started digging and according to an advert, at the time of the engagement, they were taking a modest 1,000 orders a week. A trade journal editor said:
QUOTE
"They don’t stand out as a big player and I wouldn’t have thought they’d make masses of money. You’re looking at things costing 50p, 75p. You have to sell a lot of that to make money and there’s a lot of competition.”
AND
"Accounts for one of Party Pieces’ major competitors show profits of only around £130,000 a year – and this in a business which is said to be larger than the Middletons’."
Further at this time there was 8 people taking orders and yet by the time of the wedding the operation had become several times bigger. Even with the royal connection, it's hard to see how they became so big, so soon particularly when you compare with others in the business.
As for the accounts, Gilligan discovered that:"But fascinatingly, while Party Pieces has two shell companies with no money passing through, the main business is held not as a company, but as a partnership – and doesn’t have to file any information. This doesn’t seem to have been done to stop journalists poking around; it was the case long before Kate became famous."
AND:
"Why take this sort of risk? It could simply be because that is how the Middletons, like a lot of two-person bands, started, and they never bothered changing it as the company grew. But the presence of the two shell companies makes this look unlikely. Several accountants suggest that it could be a form of (entirely legal) tax avoidance.
“Before the top rate of income tax went up, it used to be better to be a partnership than a company, particularly if your profits were low,” says Mike Warburton, of Grant Thornton. Although partners’ profits are subject to income tax, which is charged at a higher rate than corporation tax, partnerships make substantial savings on employees’ National Insurance contributions. They also avoid the tax that is payable when they take money out of a company.
Most interesting of all, you can structure the partnership so it minimises your tax, and you don’t have to say who the partners are.
“If you got your adult children in as partners, and spread the profits out, that would be a smart move,” says Mr Warburton. “Or you could make one of the partners an offshore limited company that doesn’t have to file accounts. That’s another possible way of avoiding tax.” The partners have some scope about allocating the profits – so if some were allocated to any offshore company, there might be relatively little British tax payable."
Read the whole story here:
www.telegraph.co.uk/news/ukn...Wedding-Middletons-money-how-was-it-made.html
Michael Middleton did inherit £100,000 from his mother who died in 2006 and a further £97,300 when his father died in November 2010. There is also some sort of family trust via the Luptons which contributes towards the education of descendants but as it's all confidential no-one will confirm if this was enough to pay all the school fees at Marlborough and university. Further Pippa won a sports bursary to Marlborough which would indicate they needed some assistance with fees on top of the trust.
More details here:
www.telegraph.co.uk/news/ukn...-family-fortune-of-the-minted-Middletons.html
The only other person with substantial money in the family is Carole's brother Gary but he only made his fortune in 2006 when he received a share of the company he worked for when it was sold. There are various figures bandied about but it seems this was around £24 million he made.
He did rent a flashy yacht and bought a luxurious villa in Ibiza where the Midds entertained Prince William until Uncle G was exposed by the NoW for drug dealing.
So the mystery continues.
Where did the story that Party Pieces is worth an estimated £30million come from, when in actual fact no-one has ever seen their accounts as it is run as a private business and appears to be operating offshore?
In April 2011 the Mail ran an article on the Middleton's supposed fortune and this is how the £30 million came about. It was simply a guesstimate made by some City analysts and even the quarter value appears to be off the mark, which we'll come to later.
QUOTE
"That is the notional figure City analysts put on the potential value of their Party Pieces empire — but only because it is now inextricably linked to the glittering world of the Royal Family through their daughter Catherine, a future Queen. Without that connection and its lucrative resonance, especially in the U.S., the company might be worth a quarter of that."
The same article also revealed:
QUOTE: "By the year 2000, a year before Kate went up to St Andrews and first met Prince William, the mail-order firm was on the internet, employed ten people and was handling more than 1,000 orders a week."
Trading on the internet? By 2000? Mr Middleton only registered the website around 2004 with a company called Pindar and hardly anyone was trading this way until later in the decade when Amazon took off. So these claims seem far fetched as does the comment by a Middleton relative in the same story that PP started when Carole was pregnant with Kate. However, their family cleaner among others has comfirmed it was when she was pregnant with James.
Anyway by April 2011 the date of the wedding the DM made the following claim that:
QUOTE:
"Today, thanks largely to an astonishing bounce brought about first by the royal romance and then the engagement announcement, business appears to be booming and Party Pieces employs 30 staff working out of two large converted farmhouses near the family’s home in rural Berkshire.
When the Daily Mail visited their premises last week a dozen trucks and vans as well as an articulated lorry were being loaded with orders."
Astonishing bounce indeed because when investigative journalist Andrew Gilligan started to unravel the mystery of their fortune just six months earlier in November 2010 at the time of the engagement PP appeared to be a much more modest operation.
Their house was bought in 1995 and either had a small mortgage {DM} or no mortgage according to DT.
In 2002 they paid £780,000 in cash on a Chelsea flat for the siblings which has no mortgage.
In 2005 they paid £295,000 again in cash for several acres of land near their home.
They holiday in Mustique where villas cost at least £20k for a week.
Ditto Scotland where luxury houses cost £5k a week.
All three children were educated at private primary schools and Marlborough School one of the most expensive in the UK Marlborough alone is estimated to have cost half a million and that's with extras such as gap year activities etc.
They own a share in a racehorse called Sohraab
Mr Middleton has a private pilot's licence and owns a light aircraft.
However, Andrew Gilligan started digging and according to an advert, at the time of the engagement, they were taking a modest 1,000 orders a week. A trade journal editor said:
QUOTE
"They don’t stand out as a big player and I wouldn’t have thought they’d make masses of money. You’re looking at things costing 50p, 75p. You have to sell a lot of that to make money and there’s a lot of competition.”
AND
"Accounts for one of Party Pieces’ major competitors show profits of only around £130,000 a year – and this in a business which is said to be larger than the Middletons’."
Further at this time there was 8 people taking orders and yet by the time of the wedding the operation had become several times bigger. Even with the royal connection, it's hard to see how they became so big, so soon particularly when you compare with others in the business.
As for the accounts, Gilligan discovered that:"But fascinatingly, while Party Pieces has two shell companies with no money passing through, the main business is held not as a company, but as a partnership – and doesn’t have to file any information. This doesn’t seem to have been done to stop journalists poking around; it was the case long before Kate became famous."
AND:
"Why take this sort of risk? It could simply be because that is how the Middletons, like a lot of two-person bands, started, and they never bothered changing it as the company grew. But the presence of the two shell companies makes this look unlikely. Several accountants suggest that it could be a form of (entirely legal) tax avoidance.
“Before the top rate of income tax went up, it used to be better to be a partnership than a company, particularly if your profits were low,” says Mike Warburton, of Grant Thornton. Although partners’ profits are subject to income tax, which is charged at a higher rate than corporation tax, partnerships make substantial savings on employees’ National Insurance contributions. They also avoid the tax that is payable when they take money out of a company.
Most interesting of all, you can structure the partnership so it minimises your tax, and you don’t have to say who the partners are.
“If you got your adult children in as partners, and spread the profits out, that would be a smart move,” says Mr Warburton. “Or you could make one of the partners an offshore limited company that doesn’t have to file accounts. That’s another possible way of avoiding tax.” The partners have some scope about allocating the profits – so if some were allocated to any offshore company, there might be relatively little British tax payable."
Read the whole story here:
www.telegraph.co.uk/news/ukn...Wedding-Middletons-money-how-was-it-made.html
Michael Middleton did inherit £100,000 from his mother who died in 2006 and a further £97,300 when his father died in November 2010. There is also some sort of family trust via the Luptons which contributes towards the education of descendants but as it's all confidential no-one will confirm if this was enough to pay all the school fees at Marlborough and university. Further Pippa won a sports bursary to Marlborough which would indicate they needed some assistance with fees on top of the trust.
More details here:
www.telegraph.co.uk/news/ukn...-family-fortune-of-the-minted-Middletons.html
The only other person with substantial money in the family is Carole's brother Gary but he only made his fortune in 2006 when he received a share of the company he worked for when it was sold. There are various figures bandied about but it seems this was around £24 million he made.
He did rent a flashy yacht and bought a luxurious villa in Ibiza where the Midds entertained Prince William until Uncle G was exposed by the NoW for drug dealing.
So the mystery continues.
tale BS.
#JamesMiddleton