Quintessentially cashes in on desire for luxury
Quintessentially, the luxury lifestyle company, is working with an accountancy firm on a "strategic development" to be announced next month.
The business, founded in 2000 and based in Portland Place in London, provides a concierge service, such as a chauffeur-driven car, travel bookings or reservations for events, globally to its members, who are typically affluent individuals.
Ben Elliot, co-founder, said the firm had hired Grant Thornton "to explore strategic development". Sources suggest a stake could be sold to fund expansion, but the firm denies that the company itself is for sale.
Quintessentially operates 32 "luxury sister businesses", including its art division, which helps members to build collections, and the capital unit, which gives investment advice.
Pre-tax profits at Quintessentially UK rocketed by 268 per cent to £1.3m over the year to 30 April 2011, on turnover up marginally to £13.5m.
Quintessentially grew its offices globally from 8 to 62 over the period, helped by expansion in its number of franchise partners. The company said it expects "double digit growth" in 2011-12.
The firm said members "find the services offered by Quintessentially invaluable to their daily lives, acting as a 'global business connector'."
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