A 350-year-old debt has been re-paid by the Royal family to the Worcester Clothiers Company.

The Prince of Wales joked to with the creditors as he presented Andrew Grant, high master of the company, with £453.15 in notes and coins contained in a purse made specially for the transfer.

“It seems that the good people of Worcester, or at least the members of the clothiers company, have a long memory in particular as far as unpaid debts are concerned. By long I mean nearly 400 years,” said Prince Charles in a lighter mood.

Reports said the debt was run up by King Charles II in 1651 when he commissioned the clothiers company to make uniforms for his troops.

Although the King promised to repay he fled to Europe after losing the battle Cromwell.

Price Charles reportedly joked about the financial interest that would have been accumulating from the debt.

“I suspect it would have escaped your notice that I am resisting the temptation to repay the debt with the full interest. I was born yesterday or 400 years ago,” he joked.

The day was described by Treasurer David Hallmark as a “specific and historic” occasion for the clothiers company, which now has 35 members of staff.

A receipt was given to the Prince after he handed the money and members pledged to remember the occasion every year as Settlement Day The event was marked with a bottle of 1948 port and a toast to the clothiers company and 1651.

A private toast was also made to Prince Philip, Charles’ father, to mark his 87th birthday yesterday, said Mr Grant.