Quintessentially, the luxury concierge service founded by the Queen’s nephew, is in talks to find a buyer months after it warned of “material uncertainty” over its future.
Sky News has learned that the company, which was set up by Sir Ben Elliot and his business partners in 1999, is working with advisers on a process aimed at finding a new owner or investors.
City sources said this weekend that Quintessentially was already in discussions with prospective buyers and was anticipating receipt of a number of firm offers.
Sir Ben, the former Conservative Party co-chairman under Boris Johnson, owns a significant minority stake in the company.
The Quintessentially group operates a number of businesses, although its core activity remains the provision of lifestyle support to high net worth individuals including celebrities, royalty, and leading businesspeople.
It also counts major companies among its clients and offers services such as organising private jet flights and performances by top musicians.
The sale process is being overseen by a firm called Beyond, although further details, including the price that the business might fetch, were unclear on Saturday.
One insider said parties who had been contacted by Beyond were being offered the option to buy a controlling interest in Quintessentially.
This could be implemented through a combination of the repayment of outstanding loans, an injection of new funding into the business, and the purchase of existing shareholders’ interests, they added.
Quintessentially’s founders, including Sir Ben, are thought to be keen to retain an equity interest in the company after any deal.
In January 2022, newspaper reports suggested that Quintessentially had been put up for sale with a valuation of £140m.
Deloitte, the accountancy firm, was charged with finding a buyer at the time but a transaction failed to materialise.
Sir Ben, who was knighted in Mr Johnson’s resignation honours list, turned to one of Quintessentially’s shareholders for financial support during the pandemic.
World Fuel Services, an energy and aviation services company, is owed £15.5m as well as £3.5m in accrued interest, according to one person close to the process.
The loan is said to include a warrant to convert it into equity upon repayment.
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Quintessentially does not disclose the number or identities of many of its clients, although it said in annual accounts filed at Companies House in January that it had increased turnover to £29.6m in the year to 30 April 2024.
The accounts suggested the company was seeing growth in demand from clients internationally.
“During the last year, we have not only renewed important corporate contracts like Mastercard, but have also expanded by adding new corporate clients like Swiss4 in the UK, R360 in India, and Visa in the Middle East and South America,” they said.
In its experiences and events division, it won a contract to work with the Red Sea Film Festival and to provide corporate concierge services to the Saudi Premier League.
It added that Allianz, the German insurer, BMW, and South African lender Standard Bank were among other clients with which it had signed contracts.
The accounts included the warning of a “risk that the pace and level at which business returns could be materially less than forecast, requiring the group and company to obtain external funding which may not be forthcoming and therefore this creates material uncertainty that may cast ultimately cast doubt about the … ability to continue as a going concern”.
This weekend, a Quintessentially spokesman declined to comment on the sale process.
