Concierge firm co-founded by queen’s nephew went on ‘ill-timed’ hiring spree before Iran war
Summary
Quintessentially, a luxury concierge firm co-founded by Queen Camilla’s nephew Ben Elliot, increased its staff in the Middle East and Asia just before the US-Israel war on Iran caused wealthy clients to leave the region. The company reported rising losses and financial uncertainty but expects to return to profit by 2026-27.Key Facts
- Quintessentially nearly quadrupled its staff in the Middle East and Asia from 22 to 84 during the year ending April 2025.
- The hiring increase happened less than a year before the war in the Middle East involving the US, Israel, and Iran began.
- The company provides luxury services to wealthy clients, including access to exclusive events and premium school admissions.
- Quintessentially reported a pre-tax loss of £3 million for the year, up from £2.1 million the previous year.
- The company warned that it might need outside funding, which is not guaranteed, creating uncertainty about its future.
- Debt to a major shareholder, World Fuel Services Europe, increased to £18.1 million with interest rates above the Bank of England base rate.
- Quintessentially’s UK revenues fell by £3.4 million, while its US revenues rose by £7 million to £12 million.
- The business expects to return to profitability in the 2026-27 financial year.
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