Royal Watch News

James Middleton unconcerned by business debts

Feb 27, 2013, 12:02 GMT

James Middleton

The Duchess of Cambridge's brother says he is 'not concerned' about a £17,000 loss run up by his cake-making business in its first year.

James Middleton set up Nice Group London Ltd in 2011 and accounts filed at Companies House show it had losses of £16,858 at the end of April 2012.

However, James - who famously did a speech at his sister's wedding to Prince William in April 2011 - is confident it will still be a success.

He told the Daily Telegraph: 'Nice Group is a start-up company and as you can imagine there are overheads needed to start a company. I made the decision to finance the business myself along with a loan rather than go to investors.

'This has its pros and cons, it does mean things don't move as quickly as I would like but it does mean I keep complete ownership and control over my company. Further down the line I may look to open the doors for investors but I will see how things go.

'It is not uncommon for start-up companies to make a loss in the early stages of development and it is not something I am concerned about right now. On the contrary I am very excited as after running a pilot over 2012, Nice Cakes will be officially launching later this year with a brand new website and range of products which I am very excited about.'

The balance sheet for Nice Group, signed by James, the company's sole shareholder, states that: 'The bank overdraft is secured by a member of the director's family.'

The company is based on the same Berkshire site as parents Michael and Carole Middleton's successful partyware business, Party Pieces.