Exclusive Royality: Business established by Queen's nephew pursues potential client for acquisition
Here's the rewritten article:
** Titled Luxury Concierge Service Quintessentially Eyeing New Owners Amid Financial Uncertainty **
Do you know about Quintessentially, the luxe hook-up service started by the nephew of Her Majesty the Queen? Well, they're in negotiations for a sale after hinting at financial troubles.
According to our sources, this posh club is working with advisers to find a buyer or investors. City insiders revealed that discussions are already underway, with solid offers expected soon.
The brains behind Quintessentially, including Sir Ben Elliot, are potential stakeholders. Sir Ben, previously the Tory Party co-chair under Boris Johnson, runs the £15.5m loan-owing company.
Quintessentially offers a spectrum of services to its well-heeled clients, from celebrities to business elites, extending even to royal folk. They also boast big-name firms as clients, arranging private jet rides and gigs featuring top musicians.
Details about the sale process are being kept under wraps by Beyond, who are overseeing the operation. Yet, we're not sure what the selling price might be at this stage.
Sources mentioned that interested suitors have the option to buy a controlling stake in Quintessentially through loan repayments, new funding, and shares acquisition from current owners. Insiders believe Sir Ben and his team prefer to retain some equity in the company once it's sold.
Back in January 2022, press speculation suggested the company was on the market at a valuation of £140m, but no deal was made.
Deloitte, the accountancy organization, was assigned to find a buyer, but talks stalled. Interestingly, during the pandemic, Sir Ben turned to Quintessentially's investor for financial support. Now, the energy and aviation services giant, World Fuel Services, is owed £15.5m plus accrued interest.
The arrangement reportedly includes a warrant to swap the loan for equity when it's repaid.
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Quintessentially maintains confidentiality about many of its clients, but their annual accounts filed at Companies House in January 2024 state a rise in turnover to £29.6m in the previous year. The accounts indicate a spike in demand from international clients.
Globally, demand for luxury concierge services is on the rise, fueled by increased income levels and the quest for exclusive experiences. However, this growth heightens competition, which may test companies such as Quintessentially during challenging financial times.
The company revealed in the accounts that there's a risk of underperforming and might require additional funding, which may not be readily available, casting doubt on its ability to continue as a viable business.
Quintessentially declined to comment on the sale process when contacted for this story. Stay tuned for updates!
War in the luxury industry could ensue as Quintessentially, facing financial uncertainty, seeks potential new owners or investors. The auction could trigger a financial battle, with serious implications for the business and finance landscape.
