Credit: Christopher Furlong/Getty Images Photo: Kate and Pippa Middleton Arrive at the Goring Hotel on April 28, 2011

Kate Middleton's brother, James Middleton, is having his cake and eating the debt too.

According to The Telegraph of the UK, James set up a cake-selling company, Nice Group London Ltd., in 2011, but it reported a loss of £16,858 (roughly $25,300) in its first year of trading. The business is located near his parents's successful party-planning business, which made them multimillionaires. The report says “The bank overdraft is secured by a member of the director’s family.” So he’s going to be helped through this rough start by someone in his family — lucky for him he’s surrounded by rich people and royals!

James told the Telegraph, "It is not uncommon for start-up companies to make a loss in the early stages of development and it is not something I am concerned about right now. On the contrary I am very excited as after running a pilot over 2012, Nice Cakes will be officially launching later this year with a brand new website and range of products which I am very excited about."

According to the story, friends have said he “would like to be the next Richard Branson” and is expected to make “serious money." However, he apparently caused a stir with a range of risqué products, including a cake called a Stud Muffin featuring a picture of a man with the caption: “A willy that wriggles and gives me the giggles.” Actually, sign us up for that one!

Source: The Telegraph