Cow & Gate-"The Two Royal Princesses"

Very unusual plywood puzzle promoting Cow & Gate and featuring a photographic portrait by Marcus Adams of T.R.H.'s Princesses Elizabeth and Margaret, thought to date from c1934-5.
The cutting style is reminiscent of several manufacturers, including RACO, or Richards Art Co., but in the absence of anything definitive, the puzzle features here as being of unidentified origin.
I know of very few examples where the British Royal Family has featured in such a directly promotional fashion, although the print on the box sides perhaps goes some way towards explaining it.
The round Cow & Gate logo in the bottom left corner is a sticker which has been fixed to the print above Marcus Adams' name.

Artist: Photographic-Marcus Adams
Date: c1938
Brand: Unidentified
Material: Plywood
Pieces: 100
Size: 8 1/4" x 10 3/4"
Theme: Promotional
Title: Cow & Gate-The Two Royal Princesses