Queens Nephew warns of ‘material uncertainty’ over Quintessentially’s future as £15m loan deadline looms

In essence, the concierge service, which was co-founded by Sir Ben Elliott – the Queen Consort’s nephew – warned that “material uncertainty” remained surrounding 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 a £15m loan to one of its main backers, the New York-listed global energy and aviation group. , will be due in February.

Quintessentially, which reported net liabilities of around £29m in the year to April 2024, noted that World Fuel Services had submitted 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 a range of services from villa rentals to private jet charters, and counts celebrities, royalty and international business executives among its members. Although the group is optimistic that it will return to profitability in the second half of the current financial year – supported by business volume growth and a “significant” cost-cutting drive – Quintessentially warned that any decline in performance may require “external financing which may not be appropriate”. “The next one.”

In recent years, the company has faced accounting errors, filing delays, and winding up requests from HMRC. The pandemic and subsequent restructuring – where 30 companies were merged under the Quintessentially (UK) umbrella – led to further delays in filing accounts. Sir Ben Elliott, who serves as co-chair of the Conservative Party until 2022, has faced criticism over the group’s alleged “access capitalism” and government contracts. Elliott was awarded a knighthood in June 2023 as part of Boris Johnson’s resignation honours.

Newly filed Quintessentially accounts show annual sales increased from £26.2m to £29.6m, while pre-tax losses shrank from £2.7m to £2.1m. Directors, including Elliott, have confirmed they have “adequate resources” to continue trading for at least the next 12 months, but the warning about “material uncertainty” highlights the delicate nature of the group’s financial position.