Doubts over former Tory chairman’s company
AUDITORS have issued a fresh warning about the future of Quintessentially, the luxury concierge company founded by former Tory party co-chairman Ben Elliot, as the business’s mooted takeover talks drag on.
Accountancy firm BDO issued its second “going concern” warning in two years for the company, whose clients include celebrities and chief executives. It specialises in securing invitations to exclusive events and has in the past negotiated entrance to No10 and Buckingham Palace for its clients.
Until last week Mr Elliot was cochairman of the Conservative Party and helped oversee fundraising efforts for the party.
Auditors said Quintessentially faced a “risk that the pace and level at which events and travel business returns could be materially less than forecast” as Britain recovers from the pandemic and a possible recession looms.
A slow recovery could require Quintessentially
‘The pace and level at which events and travel business returns could be materially less than forecast’
to raise external funding “which may not be forthcoming”, BDO said. This creates “material uncertainty” and “may cast significant doubt on the group and company’s ability to continue as a going concern”.
Accounts show turnover fell from £50.4m in 2019 to £44.7m in 2020, though losses narrowed from £4.4m to £3m.
Earlier this year, the business was understood to have started talks over a sale, with sources stating that directors were keen to secure a deal before filing the latest set of accounts.
In January, Quintessentially was understood to have been fielding several takeover approaches. There has since been no update on the process.
Last year, BDO also warned Covid restrictions risked denting sales.
The alarm was sounded again in Quintessentially’s latest financial accounts, which were filed this week around a year and a half late. The filings cover the 12 months to April 30 2020.
Quintessentially said the delay in filing was due to a major restructuring, a process that also heavily delayed its 2019 results.
Directors said the company was “in a much stronger position now” and “should be able to trade profitably on a consistent basis”.
Quintessentially was founded in 2000 by Mr Elliot – the nephew of Camilla, the Queen Consort – alongside Aaron Simpson and Paul Drummond.