Kate’s brother sells business just days after it went under with £800k debt

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James Middleton put his company, Boomf, into administration in December 2021 after it ran out of cash. The company, which sold personalised marshmallows and greeting cards, has been bought by British-Estonian businessman Stepan Galaev.

The administrators’ report said: “By the end of October 2021, it had become apparent that the Company required funding above the level available to it by its bank and neither the Company nor its investors were in a position to advance the necessary funding in order to enable trading to continue.

“The Company’s projected cash flow indicated that any trading would incur a loss and therefore no requests were made the potential funders.

“The company had exhausted its available cash resources and its cash constraints were impacting on its ability to continue trading and no further funding was available from the company’s shareholders or third parties.”

Mr Galaev’s company, Otkrytka Limited, bought the business and its assets in December 2021 for £300,000.

While 36 employees were transferred as part of the sale, Otkrytka Limited did not take on the debts, which means some creditors will be left out of pocket.

Boomf owes just less than £800,000 to creditors including £146,305.88 to HMRC.

But the company has assets of £561,054 – this means there is a shortfall of £236,310.88 following the sale.

The biggest creditor is Forward Partners Venture Advance Limited, which invested £350,000 into Boomf.

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Boomf’s other investors include James Matthews, the billionaire husband of the Duchess of Cambridge’s sister, Pippa Middleton.

Founder of fellow greetings card company Nick Jenkins and former VoucherCodes mastermind Duncan Jennings are also on its list of investors.

Boomf has been trading since 2013.

Mr Middleton has followed in the footsteps of his entrepreneurial parents, Micahel and Carole Middleton, who started their own mail-order business, Party Pieces, in 1987.

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The highly successful business is still running, with Mrs Middleton recently saying that she had no plans to slow down.

James Middleton, who dropped out of Edinburgh University to focus on entrepreneurial ventures, has pursued a number of different business ideas.

He started the Cake Kit Company in 2007, but it was dissolved in 2015.

He registered three more companies in 2011 – Nice Cakes, Nice Wine and Nice Group London.

The entrepreneur still runs Ella & Co, a health and wellbeing company for dogs.

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