A luxury concierge company co-founded by the Queen’s nephew has raised concerns over its future amid mounting losses.
Ben Elliot’s Quintessentially, which provides exclusive services to the super-rich, said in recent filings that a “material uncertainty” exists around its ability to continue as a going concern.
The warning comes as Quintessentially takes part in a trade mission to Saudi Arabia, where UK businesses aim to attract billions of pounds in investment from the oil-rich state.
Mr Elliot, formerly chairman of the Conservative Party, has joined senior ministers on the trip, including Culture Secretary Lucy Frazer, Science Secretary Michelle Donelan and Deputy Prime Minister Oliver Dowden.
Darren Ellis, the group chief executive of Quintessentially, is also in attendance as part of a delegation of 300 business leaders.
Delayed results published over the weekend show Quintessentially narrowed its losses to £4.1m in 2023, compared to £12.9m a year earlier.
The business is in the midst of a significant overhaul after a challenging pandemic. A recent restructuring saw staff numbers cut and the business’s corporate structure simplified.
Bosses are hopeful that the changes will help group-wide revenues exceed £50m in 2024, bringing the business back to its pre-pandemic size.
However, in its latest annual report, Quintessentially raised concerns over its future “given the level of uncertainty which still exists”.
Bosses said there is a risk that “business returns could be materially less than forecast”, which could require the company “to obtain external funding which may not be forthcoming”.
Quintessentially’s finances have been bolstered in recent years by an outstanding £12.5m loan from World Fuel Service Europe, its largest shareholder.
Debt interest costs rose to £1.13m last year, up from £734,000 in 2022.
The business was founded in 2000 by Mr Elliot, the nephew of Queen Camilla, alongside Aaron Simpson and Paul Drummond.
Quintessentially’s business revolves around securing clients’ access to exclusive events.
Its network of elite connections has led to Quintessentially negotiating entrance to Downing Street and Buckingham Palace, with clients paying an annual subscription fee for the privilege.
In its latest report, Quintessentially said it was “encouraged by a growing private membership base which increased by a net 9pc in the year, driving increased business activity across its travel and educational businesses in particular”.
Mr Elliot’s involvement has drawn scrutiny, given his ties to both the Royal Family and the Conservative Party.
The latest accounts were signed off by small London-based accountancy firm Sopher + Co, which replaced BDO last year following its resignation.
Quintessentially was contacted for comment.
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