Half of the cash balance at Pitch@Palace Global, the commercial arm of the Duke of York’s entrepreneurial platform, has been withdrawn in the space of a year, newly filed accounts reveal.

The latest figures from Companies House show that the company’s 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 clarify the destination of the £230,000 or the purpose of the payment. Instead, it notes only that the “strategic direction and purpose of the company remains under review”.

Established to connect start-ups with potential investors, the Duke of York’s Pitch@Palace has faced scrutiny following revelations that its China-based collaborator, businessman Yang Tengbo, was allegedly barred from entering the UK on national security grounds. Yang, who twice visited Andrew at Buckingham Palace and was invited to his 60th birthday party, was linked to the Duke’s senior aide via letters found on his mobile phone.

In that correspondence, aide Dominic Hampshire praised Yang’s “guidance” in moving unnamed individuals “unnoticed in and out of the house in Windsor”. After Yang’s alleged ties to espionage emerged, Prince Andrew insisted he had “ceased all contact” with the Chinese businessman.

The scheme’s future now appears uncertain as questions mount over its finances and international partnerships.

---