Luxury concierge service Quintessentially, co-founded by Conservative party chairman Ben Elliot, is reportedly considering selling the business. The UK-based company, which has been operating for 20 years, is exploring different options to secure a swift deal after receiving an unsolicited takeover offer. To assist in the process, Quintessentially has appointed Deloitte as an advisor. The potential sale price is estimated to be around £140 million, which has attracted interest from wealthy individuals, luxury brands, and family investment offices.

The decision to sell comes as co-founder Paul Drummond steps down as a director due to personal reasons. Currently, the three founders and their families collectively own approximately 60% of the business. Quintessentially specializes in providing personalized services to affluent clients, including personal shopping, luxury vacations, property assistance, private events, and access to celebrities. It reportedly serves a wide range of clientele, including celebrities, top executives, heads of state, and corporate customers.

However, the company faced challenges last year due to the impact of lockdown restrictions on its sales. Reports indicated that auditor BDO warned about the company’s trading difficulties. In the summer, Quintessentially secured an additional £10 million in funding and reached an agreement to amend the terms of loans from its 30% stakeholder, US-based World Fuel Services, which had replaced Barclays as its sole lender.

Despite its financial setbacks, Quintessentially has yet to file its accounts for the year ending April 2020, which are now eight months overdue. Neither Ben Elliot nor Quintessentially have provided any comments regarding the reports surrounding the potential sale.

The luxury concierge service industry has experienced significant growth in recent years, as affluent individuals have sought exclusive and personalized experiences. Quintessentially, with its established brand and extensive network, has positioned itself as a prominent player in this market. The potential sale presents an opportunity for the business to secure a new owner who can provide the necessary resources and strategic direction to drive its growth and overcome the challenges it faced during the pandemic.

As the search for potential bidders begins, the outcome of this process will be closely watched. With interest expected from various parties, the sale of Quintessentially could potentially reshape the luxury concierge service landscape and establish new standards in offering bespoke experiences to high-net-worth individuals.

Useful links:
1. Quintessentially
2. Deloitte