Quintessentially, the concierge service co-founded by Sir Ben Elliot – nephew to the Queen Consort – has cautioned that “material uncertainty” remains over its ability to continue as a going concern, despite recording higher sales and narrowing losses in its latest financial year.
Newly filed accounts for Quintessentially (UK) Limited, the holding company for much of the “luxury lifestyle” group’s operations, reveal that a £15 million loan to one of its main backers, the New York-listed energy and aviation group World Fuel Services, will fall due in February.
Quintessentially, which reported net liabilities of around £29 million in the year to April 2024, noted that World Fuel Services has provided a letter of support indicating its “confidence in the business” and willingness to maintain funding, as it has done in previous years.
The company, founded in 1999, offers an array of services from villa rentals to private jet charters, counting celebrities, royalty, and international business executives among its members. Despite the group’s optimism that it will return to profitability in the second half of the current financial year – supported by growing turnover and a “significant” cost-cutting drive – Quintessentially cautioned that any downturn in performance could require “external funding which may not be forthcoming”.
In recent years, the company has faced accounting errors, delayed filings, and winding-up petitions from HM Revenue & Customs. The pandemic and subsequent restructuring – in which 30 companies were consolidated under Quintessentially (UK) – led to further delays in submitting accounts. Sir Ben Elliot, who served as co-chairman of the Conservative Party until 2022, has faced criticism over alleged “access capitalism” and the group’s government contracts. Elliot received a knighthood in June 2023 as part of Boris Johnson’s resignation honours.
Quintessentially’s newly filed accounts show annual sales grew from £26.2 million to £29.6 million, while pre-tax losses narrowed from £2.7 million to £2.1 million. The directors, including Elliot, maintained they have “adequate resources” to continue trading for at least the next 12 months, but the warning over “material uncertainty” underscores the delicate nature of the group’s financial position.
Read more:
Queens Nephew warns of ‘material uncertainty’ over Quintessentially’s future as £15m loan deadline looms