Prince’s Pitch earns half a million profit

Amid the gloomy world of the duke of York, a small light shines. His Pitch@ Palace Global business has returned a handsome profit.

Despite being forced to give up his public duties three months ago following his disastrous Newsnight interview about his friendship with Jeffrey Epstein, the duke chose to cling on to Pitch Global, a dragons’ den-style business he set up in 2014 that brokers deals between tech start-ups and wealthy investors.

Pitch@ Palace Global was designed as a commercial business controlled by the duke and — according to the company’s latest accounts — it posted a profit of £576,000 for the year ended march 31, 2019.

The accounts for the company, whose registered office is at Buckingham Palace, were signed off last week by Amanda Thirsk, who remains a director at Pitch@ Palace Global despite resigning as Prince Andrew’s private secretary earlier in January. The duke’s refusal to surrender control has caused the business to suffer in other ways though; three of its directors resigned last month.

Only one other director remains beside Thirsk — the prince’s pal, Johan Eliasch.

The accounts also report an increase in assets from £943,731 in 2018 to £3,125,398, indicating turnover for the business exceeding £2.2 million.

A note to the accounts describes turnover as ‘amounts received in sponsorship or donation income’.

The duke’s other initiative,

Pitch@Palace CiC, a UK-based charitable venture he set up at the same time, has already been wound up.

Corporate sponsors withdrew their support amid worries that Andrew was mixing his charitable work with his business interest. Concerns included a clause handing the duke 2 per cent equity stake in any new businesses that sprung from the scheme.

Thirsk tells me that Pitch@ Palace Global will continue.

‘The duke owns the Pitch@ Palace Global shares but is not involved in the day- to- day running of the company,’ she tells me. ‘No dividends have been paid.’