Royal Watch News
James Middleton unconcerned by business debts
Feb 27, 2013, 12:02 GMT
The Duchess of Cambridge's brother says he is 'not concerned' about a Â£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 Â£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.
FROM THE WEB
Further Reading on M&CJames William Middleton Biography -
COMMENT on James Middleton unconcerned by business debtscomments powered by Disqus
Latest Headlines in Royal Watch
- 1. Princes William and Harry open Help For Heroes centre
- 2. Prince Charles protester fined
- 3. Princes Charles and William to call for poaching action
- 4. Duchess Catherine's etiquette knowledge
- 5. Prince Harry to throw party for US swimmer