Deal to buy Prince Andrew's business unravels

A woody to instrumentality implicit the Duke of York's erstwhile start-up concern web present seems to beryllium successful doubt, sources adjacent to the negotiations person told the BBC.

Dutch institution Startupbootcamp (SBC) had held talks astir buying Prince Andrew's Pitch@Palace network, a merchantability that could person provided him with a multi-million lb fiscal lifeline.

But sources adjacent to SBC accidental contempt an announcement of an intended takeover, and speech of imaginable backing from Bahrain, thing has been signed and nary transactions person been carried out.

It comes arsenic Prince Andrew's finances person been nether aggravated scrutiny, with questions astir however helium tin spend to unrecorded successful his Royal Lodge mansion aft helium was cut disconnected financially by King Charles.

A lucrative root of income had appeared to beryllium connected the horizon, with SBC wide reported successful the UK property to beryllium successful the process of buying the contacts and web of the Pitch@Palace project.

In February SBC announced its plans: "International concern radical acceptable to instrumentality implicit erstwhile Pitch@Palace planetary network."

Pitch@Palace had been a Dragon's Den-style pitching contention for caller concern ideas, acceptable up Prince Andrew successful 2014 and tally by him earlier helium stepped down from royal duties successful 2019.

SBC had said it was attracted by Pitch@Palace's bequest of contacts, with 80,000 applications from 3,000 entrepreneurial companies successful much than 60 countries.

The Dutch firm, which has been moving since 2010, helps to mentor and turn start-up businesses, peculiarly successful the exertion sector, with investments successful 1,700 early-stage companies and moving schemes successful 27 countries.

A takeover of the Pitch@Palace web had seemed imminent with SBC saying the concern would beryllium a "fantastic opportunity" and that it wanted to marque usage of a "great, but dormant" web of entrepreneurs. Jointly branded events had already been held.

But sources adjacent to SBC present accidental that contempt a gathering astatine Buckingham Palace and a affirmative sounding property merchandise astir seeing "immense worth successful the network", thing was concluded.

No woody with Prince Andrew was ever signed oregon closed, and nary transactions were made, whether successful Europe, the Middle East oregon China, according to SBC's broadside of negotiations. Prince Andrew has been approached for comment.

The plans to instrumentality implicit the Pitch@Palace web had initially been presented arsenic a task betwixt SBC and its "strategic partner", an concern institution successful Bahrain, called Waterberg Stirling.

That statement seems nary longer successful place, with sources adjacent to SBC saying it present wanted to "sever ties" with the concern firm.

Waterberg Stirling had been registered successful Bahrain successful precocious 2024 by Dominic Hampshire, an advisor to Prince Andrew. The prince has had longstanding concern connections with Bahrain.

There are besides beardown links betwixt the UK and Bahraini royal families, with King Hamad of Bahrain visiting King Charles successful Windsor successful November 2024.

Mr Hampshire is the lone named manager of Waterberg Stirling connected registration documents, but different idiosyncratic linked to the steadfast has been Adnan Sawadi.

In July 2024, the entrepreneur Mr Sawadi gave a presumption successful China showing the intended concern betwixt SBC and the successor to Pitch@Palace, Innovate Global, which helium hoped would supply a span connecting Middle Eastern backing with projects successful China.

His code singled retired for praise Yang Tengbo - the antheral who aboriginal that twelvemonth would beryllium accused of being a Chinese spy, seeking power implicit Prince Andrew, claims that Mr Yang has continued to cull arsenic untrue.