How Queen’s canny grandson is riding out lockdown...
THE Queen’s grandson Peter Phillips — who appeared in a cringemaking television advert for Chinese milk claiming, ‘This is what I drink’ — is using his nous to keep his business in the running during lockdown.
For I can reveal that Princess Anne’s son has quietly taken advantage of the Government’s scheme to help businesses struggling to pay their bills during the pandemic.
He has put a sixth of his staff on furlough at City Racing, the Mayfairbased business he launched amid great fanfare in 2018 with plans to hold horse races in urban spots such as the ChampsElysees and Sydney Harbour Bridge.
‘ Peter has no money coming in, so this made sense,’ one of his friends tells me.
The Coronavirus Job Retention Scheme involves taxpayers paying up to 80 per cent of the wages of staff on furlough.
Last month, Phillips told me the business was struggling in the crisis. ‘Unfortunately, like so many, City Racing has been impacted by the pandemic,’ the Queen’s eldest grandchild said, adding: ‘ It’s a well- capitalised business that has invested significantly in research and safety development.
‘Successful test events have taken place with the aim of running the first City Racing event in 2021.’
He spoke as the company disclosed that it was nursing £1 million in trading losses, almost double the £573,141 the previous year.
City Racing had six employees at the time of its latest accounts.
Princess Anne refused titles for her children, Peter and Zara Phillips, and they have always had to work for a living.
However, Peter was criticised last year for blatantly trading on his royal connections when he signed up for the milk advertising campaign for the Chinese state.
He was identified as a ‘British Royal Family member’ in the advertisements for Jersey Fresh Milk in Shanghai.
In 2017, his sports and event management company was paid £750,000 to organise an event marking the Queen’s 90th birthday.
A City Racing spokesman confirms: ‘ One junior member of staff has been on furlough.’