The revelation regarding Andrew’s involvement with a Dutch company follows reports King Charles is “dismayed” by the Duke of York’s business dealings

Prince Andrew has suffered a new blow, with a deal over his Dragons’ Den style start-up business said to be in doubt.

Dutch company Startupbootcamp have been in talks about buying Prince Andrew’s Pitch@Palace network for a multi-million pound sum. But sources close to the European firm say that despite an announcement of an intended takeover no deal has been agreed, nothing has been signed and no transactions have been carried out.

The revelation follows reports King Charles is “dismayed” by Andrew’s business dealings, amid claims of his ties to former ambassador to Russia Oleg Firer and Chinese businessman and alleged spy Yang Tengbo. Ukraine-born Firer, who has been banned from entering the Commonwealth nation Grenada, is vice-chairman of Middle Eastern investment firm Waterberg Stirling, which is described as a key stakeholder in Startupbootcamp.

Prince Andrew set up Pitch@Palace in 2014 ( 
Image:
PA)
It has been claimed the Duke last year met the Chinese ambassador to promote Waterberg Stirling, which is reportedly linked to China’s controversial Belt and Road Initiative, the nation’s policy of winning influence by building infrastructure projects in developing countries.

It is said Andrew’s role is to pass on his contacts made from his Pitch@Palace programme, which he had to abandon after the scandal of his friendship with paedophile financier Jeffrey Epstein. Andrew’s finances have been under intense scrutiny, with questions about how he can afford to live in his Royal Lodge mansion after he was cut off financially by King Charles.

The Mirror revealed last month the Duke was facing a £1million bill for urgent repairs to the Royal Lodge, which is a 30-room mansion. He spent £7.5m in renovations 20 years ago when he moved in and agreed to meet all future upkeep costs. But with his finances shrouded in mystery, huge questions remain over his ability to meet the financial obligations.

Andrew is facing mounting questions over his finances ( 
Image:
Jim Bennett/REX/Shutterstock)
Pitch@Palace had been a Dragon’s Den-style pitching competition for new business ideas, set up Prince Andrew in 2014 and run by him before he stepped down from royal duties in 2019. Waterberg Stirling was registered in Bahrain in late 2024 by Dominic Hampshire, an adviser to Prince Andrew. The prince has had long-standing business connections with Bahrain.

There are also strong links between the UK and Bahraini royal families, with King Hamad of Bahrain visiting King Charles in Windsor in November 2024. Mr Hampshire is the only named director of Waterberg Stirling on registration documents, but another person linked to the firm is Mr Firer’s business partner Adnan Sawadi.

In July 2024, Mr Sawadi gave a presentation in China showing the intended partnership between SBC and the successor to Pitch@Palace, Innovate Global. His speech singled out for praise Yang Tengbo, the man who later that year would be accused of being a Chinese spy, seeking influence over Prince Andrew, claims that Mr Yang has continued to reject as untrue.

Mr Firer set up an embassy for Grenada in Moscow, but he was stopped by immigration officials in Grenada in 2023 and surrendered his diplomatic passport. He was told the immigration minister had assessed him as an alleged threat to national security. Mr Firer said the decision was politically motivated. He appealed it but lost.

The latest claims come after his links to alleged Chinese spy Yang Tengbo were made public

According to a court judgment, there was an allegation of serious financial impropriety, with Grenada’s government reportedly facing an £800,000 bill for the rental of the embassy in Moscow. Mr Firer denies wrongdoing.

Adnan Sawadi previously said: “Startupbootcamp executives are in negotiations to acquire the former Pitch@Palace network on a territory-by-territory basis, approved by Buckingham Palace.

“Waterberg Stirling categorically has no financial or commercial arrangement with the Duke.”