James Middleton sees Boomf losses sink to £2.2m

James Middleton’s marshmallow company has seen its losses almost double in the last year, new financial filings reveal.

The balance sheet for Boomf, released yesterday, shows the confectionery firm made a loss of £2.19 million in 2016 compared with £1.17million the previous year. 

It comes just days after James’s older sister Pippa, 34, closed her own business, PXM Enterprises, which previously managed her publishing activities, including her party-planning book and her contributions to Waitrose magazine.

Middleton, 30, founded Boomf, which prints Instagram pictures on marshmallows, in 2013 and he playfully refers to himself as the company’s ‘Wonka In Chief’. 

 

James Middleton’s marshmallow company Boomf has seen its losses almost double in the last year. Pictured, James with ABC journalist Amy Robach and two Boomf marshmallows 

It comes just days after his sister Pippa, 34, moved to close down her own business, which previously managed her publishing interests. Pictured, the siblings at Wimbledon this year

It comes just days after his sister Pippa, 34, moved to close down her own business, which previously managed her publishing interests. Pictured, the siblings at Wimbledon this year

The company is based at his parents’ Party Pieces business premises near the Middleton family home in Berkshire but he also has an office in a shipping container in trendy Hackney, east London. 

Among the company’s investor’s is his new brother-in-law James Matthews, who spent almost £100,000 propping up Boomf in 2015, buying 12,853 shares at £7.78 each. 

Pippa’s husband’s investment in the company, which also makes novelty confetti greeting cards, was part of a fundraising round. 

Pippa's hedge fund manager husband James Matthews, pictured, is among Boomf's investors

Pippa’s hedge fund manager husband James Matthews, pictured, is among Boomf’s investors

But it seems Pippa may not be a fan of the confetti creations herself, having been spotted buying card-making materials from stationary giant Paperchase last week ahead of her husband’s birthday.

The accounts filed yesterday also revealed that Boomf’s cash reserves have dwindled from £1.1million to £440,000. It is being kept afloat by loans of £766,667.

The paperwork states: ‘Liabilities include long-term borrowing from a director of £266,667 and the company’s bankers of £500,000. 

‘With this continuing support the directors are of the opinion that the company will be able to continue trading and meet its obligations as they fall due.’ 

Boomf sells boxes of nine marshmallows printed with pictures, like the one above, for £15

Boomf sells boxes of nine marshmallows printed with pictures, like the one above, for £15

This isn’t the first time James’ buisness ventures have landed him in hot water, however; in 2015, the Daily Mail revealed the entrepreneur had applied to have two of his cake firms as well as his wine business struck off the official register at Companies House. 

In August Pippa took the first step in the process of shutting down PXM Enterprises by filing an application to have it struck from the register at Companies House just four years after its incorporation.

Mr Middleton’s ill-fated business ventures

After dropping out of Edinburgh University, James started his business career with the help of an £11,000 loan from his ‘black sheep’ uncle Gary Goldsmith.

He planned to provide upmarket cake kits for people too busy to bake from scratch and sold the products through Party Pieces, the mail-order website owned by his parents Mike and Carole Middleton. However, the kits are no longer available to the public. 

In 2015, James applied to have two of his cake firms as well as his wine business struck off the official register at Companies House.

They included Nice Cakes Ltd and Nice Wine Ltd. Accounts for the firms’ parent company, Nice Group London, disclosed in January 2015 that it had made a loss for the third year running.

The accounts showed that the company had just £20 in the bank and that James had to rely on his family to support the business. 

Read more at DailyMail.co.uk