Newly submitted accounts have revealed that half of the cash balance at Pitch@Palace Global, the trading arm of the Duke of York’s entrepreneurship platform, has been withdrawn within one year.
Latest figures from Companies House show company funds fell from £454,979 to £220,990 in the 12 months to 31 March 2024.
The document, signed by sole director Arthur Lancaster, does not explain the destination of the £230,000 or the purpose of the payment. Instead, it noted only that the company’s “strategic direction and purpose remain under review.”
The Duke of York’s Pitch@Palace, set up to connect startups with potential investors, has faced scrutiny following revelations that his collaborator in China, businessman Yang Tingbo, was banned from entering the UK on national security grounds. Yang, who visited Andrew twice at Buckingham Palace and was invited to his 60th birthday party, was linked to the duke’s top aide via messages on his mobile phone.
In that correspondence, aide Dominic Hampshire praised Yang’s “direction” in moving unnamed individuals “unnoticed in and out of the house at Windsor.” After Yang’s alleged spying ties came to light, Prince Andrew insisted he had “ceased all contact” with the Chinese businessman.
The scheme’s future now appears uncertain, with questions mounting about its finances and international partnerships.