Talks underway to ink management buyout of Quintessentially Estates
Parent company Quintessentially Group, whose chairman is blue-blooded Ben Elliot, says move is part of plans to batten down hatches until Covid is over.
Upmarket concierge service Quintessentially is in talks with its eponymous estate agency arm to enable a management buyout of the firm, which is headed up by CEO Penny Mosgrove (pictured, below)
The Quintessentially Group, which operates Quintessentially Estates based in central London offering prime properties for sale around the world, has been busy streamlining its business and seeking fresh cash from backers to get the business through Covid.
The company says it saw a “significant decline in sales” once the Covid pandemic hit in earnest last year.
It offers a range of travel, concierge, property and event services to High Net Worth Individuals who have been hit badly as the pandemic has restricted their ability to jet around the planet.
Quintessentially enjoys a high profile because its chairman, Ben Elliot, is co-chairman of the Conservative Party and a nephew of the Duchess of Cornwall.
Details of the deal have been revealed in his business’s latest accounts, which have been filed over a year late.
“The Quintessentially Group entered into discussions with the management of Quintessentially Estates to explore a management buyout of that business,” it says.
“Heads of Term have been signed however the details of the proposed transaction are still being finalised and therefore no further disclosure I deemed appropriate in these financial statements.”
As we reported last year, Quintessentially was compelled to seek new funding last year from major US backer World Fuel Services, has been cost-cutting dramatically including cutting its head count and also moving all its subsidiaries under one umbrella company.
Its most recent accounts reveal how it lost £4.43 million during 2019/20 on a turnover of £50.36 million.
