Quintessentially mulls speedy sale, appoints advisor - report
UK-based luxury concierge service Quintessentially is contemplating a sale, according to reports.
The 20-year-old business, which was co-founded by Conservative party chairman Ben Elliot, is looking at several options with hopes of securing a speedy deal, according to sources. The search for a new owner comes after the business received an unsolicited takeover offer, reports also say.
The business has hired Deloitte to sound out potential bidders, according to the Times newspaper. The potential sale price is put at around £140 million with interest expected from wealthy individuals, luxury brands and family investment offices.
The move to sell coincides with co-founder Paul Drummond stepping down as a director this month citing personal reasons.The three founders, who also includes Aaron Simpson, and their families own about 60% of the business.
Quintessentially offers tailor-made services to wealthy clients including personal shopping, as well as holidays, property, private parties, and private meetings with celebrities.
Its clients are said to include celebrities, chief executives and heads of states, as well as corporate customers.
However, the company struggled last year in the face of lockdown restrictions damaging sales, with reports that auditor BDO warning of its trading difficulties.
Last summer, the business secured additional £10 million in funding alongside a deal to amend the terms of loans from US-based World Fuel Services, its 30% stakeholder that replaced Barclays as its sole lender.
The company is yet to file accounts for the year to April 2020, which are now eight months overdue, reports also said.
Neither Elliot nor Quintessentially have commented on the reports.
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