- (Photo: Reuters/Neil Hall)
Kate Middleton's brother has been forced to return back to his family for financial support after his new cake business suffered losses of about £17,000 last year (about $26,000).
James Middleton had to ask his well-off parents to help secure him an overdraft following his losses running company "Nice Group," which sells cakes, bread products, and sugar confectionary.
According to accounts, James owes creditors £32,575 (about $50,000), and according to The Daily Mail the accounts state: "The bank overdraft is secured by a member of the director's family."
The loss is unlikely to faze James' parents however. Michael and Carole Middleton are self-made millionaires, having built their own successful business from the ground up. Their company, "Party Pieces," has earned the family millions, and it seems they were only too happy to help out their 25 year old son as he gets his own venture off the ground.
Nice Group's accounts state that the company owns stocks to the value of £3,320 ($5,000) and is owed £5,151 ($7,750) by debtors.
However, the company's creditors outweigh the amounts owed to the company, meaning the business is in debt at the end of its first full year of trading - which is not all together uncommon for start up businesses, especially in the current economic climate.
James Middleton has said, "Nice Group is a start-up company and as you can imagine there are overheads needed to start a company," according to Mail Online.
He added, "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."
He continued, "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."
Here is a video of James Middleton reading from Romans chapter 12 during Prince William and Kate Middleton's royal wedding: