Prince Charles has offered his private secretary Sir Michael Peat a new seven-year contract.

Popular on LondonNet

The former accountant has dramatically transformed the state of Charles’ financial affairs, which were left battered after he had borrowed millions of pounds from his mother Queen Elizabeth to cover his divorce settlement from the late Princess Diana, since he was employed in 2002.

Last year, the prince’s income from his Duchy of Cornwall estate reached a high of UKP15 million thanks to Peat’s accountancy skills, and he has also overseen a massive expansion in the size of the prince’s royal household.

Peat, 58, was originally hired on a salary of UKP300,000 excluding bonuses, but within a year he was embroiled in the cash-for-gifts scandal, which emerged after the collapse of former royal butler Paul Burrell’s trial.

However, Charles has clearly put his sometime turbulent relationship with the father-of-four behind him with this new contract. A spokeswoman for Charles’ London residence Clarence House told the Daily Mail: “I am afraid we consider this a personal matter. We simply cannot comment.”