Luxury Concierge Service Seeks New Owner

The luxury concierge service founded by the nephew of the queen is to find its future in conversations, months after warning of "material uncertainty".

Background

The company, which was founded in 1999, is working with consultants in a process that aims to find a new owner or a new investor. City sources said that typical discussions have already taken place with potential buyers and the company expects to receive a number of offers.

Services Offered

The company operates a number of businesses, although its core activity continues to be providing lifestyle support for high-net-worth individuals such as celebrities, license fees, and leading business people. Large companies also count among its customers and it offers services such as organizing private jet flights and performances by top musicians.

Sales Process

The sales process is being supervised by a company, although further details, including the price that the company is seeking, were unclear. An insider said that parties that had been contacted had the opportunity to buy a controlling interest in the company through a combination of repaying outstanding loans, injecting new funds into the business, and purchasing existing shareholders.

Founders’ Interests

The founders, including the nephew of the queen, are assumed to want to keep an equity interest in the company after any deal. In January 2022, reports suggested that a £140 million valuation had been put on the company when it was offered for sale. However, a transaction could not come about at that time.

Financial Situation

The company turned to one of its shareholders during the pandemic to receive financial support. World Fuel Services, an energy and aviation services company, is owed £15.5 million and £3.5 million in accrued interest. The loan is understood to contain an option to convert it into equity after repayment.

Business Performance

In its annual accounts, the company reported that sales increased to £29.6 million in the year to April 30, 2024. The accounts indicate that the company recorded growth in demand from customers internationally, including new corporate customers such as Swiss4 in the UK, R360 in India, and Visa in the Middle East and South America.

Client Base

The company has a diverse client base, including Allianz, the German insurer, BMW, and the South African lender Standard Bank, among others. The accounts included a warning of a "risk that the pace and level at which the business returns could be much less than predicted, and that the group and the company may need to seek external financing that may not be forthcoming, and therefore this creates a material uncertainty, which ultimately creates doubts about…"

Current Situation

This weekend, a company spokesperson refused to comment on the sales process.