Prince Andrew has suffered a major blow, according to a source (Image: GETTY)
will reportedly face a major blow as huge deal to buy his start-up business is said to be teetering on the brink of collapse.
Previously described as “Dragons’ Den-style” events for tech startups, Andrew launched Pitch@Palace in 2014.
Startupbootcamp (SBC), a Dutch company, had reportedly held talks about buying the Pitch@Palace network – a sale that could have provided Andrew with a multi-million pound financial lifeline.
However, according to the , sources close to SBC now state that nothing has been signed and no transactions have been carried out.
This is despite the fact that an announcement of an intended takeover and talk of possible funding from Bahrain.
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The news comes as Andrew’s finances have been under intense scrutiny – with questions about how he can afford to live at Royal Lodge after being cut off financially by King Charles.
Andrew has been living at the grade II listed Windsor-based property since the early 2000s. His former wife – and mother of his two daughters – Sarah Fergsuson also lives at the home. Royal Lodge boasts 30 rooms.
Just last month SBC announced their plans: “International investment group set to take over former Pitch@Palace global network.”
Pitch@Palace network has previously been run by Andrew until 2019 – when he was forced to step down from royal duties after his friendship with convicted sex offender Jeffrey Epstein came to light.
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SBC, which has been running since 2010, helps to mentor and grow start-up businesses, particularly in the technology sector, with investments in 1,700 early-stage companies and running schemes in 27 countries.
A takeover of Andrew’s business had seemed imminent with SBC stating that the partnership would be a “fantastic opportunity”. They also shared that it would be a “great, but dormant” network of entrepreneurs.
Sources close to SBC now say that despite a meeting at Buckingham Palace and a positive sounding press release about seeing “immense value in the network”, nothing has been finalised.
BUCKINGHAM PALACE HAVE BEEN APPROACHED FOR COMMENT.