Queens’ nephew warns of ‘uncertainty’ over Quintessentially’s future as £15m loan deadline looms
In fact, the concierge service founded by Sir Ben Elliot – the Queen Consort’s nephew – has warned that “material uncertainty” remains over its ability to continue as a concern, despite recording high sales and narrowing losses in its latest financial year.
Newly filed accounts of Quintessentially (UK) Limited, a company that has a major stake in the “luxury lifestyle” group’s operations, reveal a £15 million loan to one of its biggest backers, New York-listed energy and aviation group World Fuel Services. , will drop in February.
Quintessentially, which reported total liabilities of around £29m for the year to April 2024, noted that World Fuel Services had provided a letter of support showing its “confidence in the business” and its willingness to maintain funding, as it has done in previous years. .
The company, founded in 1999, offers a wide range of services from villa rentals to private jet charters, counting celebrities, royalty, and international business executives among its members. Despite the group’s hopes of a return to profitability in the second half of the current financial year – supported by profit growth and a “significant” cost-cutting drive – he pointedly warned that any slowdown in performance could require “external funding that may not be available.” coming”.
In recent years, the company has faced accounting errors, filing delays, and closure complaints from HM Revenue & Customs. The pandemic and the subsequent restructuring – where 30 companies were brought together under Quintessentially (UK) – led to further delays in moving accounts. Sir Ben Elliott, who served as chairman of the Conservative Party until 2022, has faced criticism over the party’s alleged “access to capitalism” and government contracts. Elliot received a knighthood in June 2023 as part of Boris Johnson’s resignation.
Quintessentially’s recently filed accounts show annual sales increased from £26.2 million to £29.6 million, while pre-tax losses fell from £2.7 million to £2.1 million. Directors, including Elliott, insisted they had “adequate resources” to continue trading for at least the next 12 months, but the warning about “material uncertainty” underlined the critical nature of the group’s financial position.
