Prince Andrew’s business enterprise Pitch@Palace is reportedly in turmoil after his Swedish billionaire friend has quit the company with 15 staff resigning in a year.
CEO of sporting goods group Head Johan Eliasch, 58, was appointed director of Pitch@Palace Innovations which was part of the Dragons’ Den-style project that brokers deals between tech start-ups and wealthy investors.
The company, which was founded in 2014, is in a ‘pause position’ according to a spokesman for the firm and an accountant is overseeing it in an administrative role.
Prince Andrew’s (pictured in 2019) business enterprise Pitch@Palace is reportedly in turmoil after his Swedish billionaire friend has quit the company with 15 staff resigning in a year
There are reportedly no plans to kick-start the company again and a source told The Telegraph that it is ‘in fact the opposite’ after its ownership is also said to be under review.
Pitch@Palace, which was previously based at Buckingham Palace, was thrown into disarray in the wake of Prince Andrew’s Newsnight interview with Emily Maitlis in November 2019.
The prince agreed to withdraw from public duty in the wake of the car crash TV appearance but initially wanted to remain a figurehead for Pitch@Palace.
CEO of sporting goods group Head Johan Eliasch (pictured in 2018), 58, was appointed director of Pitch@Palace Innovations which was part of the Dragons’ Den-style project that brokers deals between tech start-ups and wealthy investors
However the global arm, a private limited company, continued but gradually removed all references to the Duke of York from its homepage.
The accounts published on Wednesday revealed that to the end of March 2020 Pitch@Palace Global’s assets had reduced from £3,125,398 to £1,495,737.
Meanwhile the company held £1.2million in cash with accountant Arthur Lancaster in the last remaining active role as director.
The prince agreed to withdraw from public duty in the wake of the car crash TV appearance but initially wanted to remain a figurehead for Pitch@Palace
A Pitch@Palace spokesman told The Telegraph that the company was ‘taking this time to conduct a review of its ownership’ while it remains in its ‘pause position’.
They aded that ‘operations continue to be significantly impacted by Covid-19 restrictions.’
MailOnline has contacted Pitch@Palace for comment.
A Pitch@Palace spokesman told The Telegraph that the company was ‘taking this time to conduct a review of its ownership’ while it remains in its ‘pause position’
EDEN CONFIDENTIAL: Is Prince Andrew hoping to relaunch his Pitch@Palace project for young entrepreneurs with some help from his billionaire sports tycoon friend?
By Richard Eden for the Daily Mail
Prince Andrew’s friends have been few and far between since his infamous interview with Newsnight’s Emily Maitlis, but one man has proved a loyal ally.
He is billionaire sports tycoon Johan Eliasch and I hear he is now helping to pave the way for the Prince’s return to public life.
This week, Swedish-born Eliasch was appointed as director of Pitch@Palace Innovations, part of the Dragons’ Den-style project set up by Andrew that brokers deals between tech start-ups and wealthy investors. A big relaunch for Pitch@Palace is planned for next spring.
‘Johan is very much involved in the Pitch@Palace relaunch,’ a source tells me. ‘Although His Royal Highness has temporarily stepped back from royal duties, he hopes to resume his public life as soon as possible.
‘Pitch@Palace was a huge success and helped so many young entrepreneurs. It’s exactly what we need to help the country get out of an economic crisis.’
As director, Eliasch will replace Amanda Thirsk, who stepped down as Andrew’s private secretary in January after more than 15 years. It’s not his first involvement with the network as he was already a director of Pitch@Palace Global.
The FBI still wants to question Andrew over his close friendship with convicted sex offender Jeffrey Epstein, who killed himself while awaiting trial on further charges last summer. Pressure on Andrew, 60, intensified following the arrest in the U.S. of his close friend, Epstein’s ex-girlfriend, Ghislaine Maxwell.
When Andrew was pictured on Eliasch’s yacht, Epstein and Maxwell were also said to be in Phuket.
Andrew has worked with Monaco-based Eliasch as directors of a mysterious company, Naples Gold Ltd, for 18 years, which was revealed only a few months ago, when it was disclosed by this newspaper that the Prince had registered as a director using the name Andrew Inverness.