A business woman hailing from the North East has completed the management buy-out of the real estate arm of Quintessentially, the high profile luxury concierge company.
Penny Mosgrove, a former pupil of Central Newcastle High School, has led the successful growth of Quintessentially Estates as CEO over the past 7 years and enlisted the support of North East dealmakers to complete the buy-out. Quintessentially Estates buys, sells, rents and manages luxury properties in areas including London, Monaco, New York and Los Angeles acting on behalf of high net worth individuals, entrepreneurs, and celebrities. They have completed on record-breaking deals including an apartment in London for £56million.
The deal was led by WilliamsAli Corporate Finance and Square One Law, whose expertise in M&A, financial structuring and intellectual property was key to a successful outcome.
Under Penny’s ownership, Quintessentially Estates will continue to work closely with the Quintessentially group and its exclusive client list. Phil Williams, partner at Williams Ali, said: “We have been delighted to work with Penny and Quintessentially to deliver a successful transaction. This deal assists the group with their ongoing strategy and creates an exciting platform for the Estates business to grow and thrive across its worldwide network”.
Penny commented: “This is a natural progression for our business which will allow Quintessentially Estates to focus on delivering a first class experience for our clients from all of our offices around the world, whilst continuing to be part of the Quintessentially ‘family’. It is an excellent deal for all involved and the support of outstanding advisers was essential in making it happen”.
Mark Lazenby, head of corporate at Square One Law, said: “We are delighted to have supported Penny in this transaction. It seems a natural fit for all parties, allowing them to enjoy ongoing collaboration and for Penny to continue her dynamic leadership of Quintessentially Estates, but now under her sole stewardship. We look forward to seeing how the business develops in the future”.
Quintessentially, which has annual revenues of £75m and a global workforce of 500, was founded over 20 years ago. The group has several divisions, across Travel, Concierge and Brand experiences underpinned by a service offering high-net worth individuals everything from fine dining restaurant reservations to childrens education, from help sourcing rare artworks which are not available on the open market to holidays in exclusive destinations.. Darren Ellis, Quintessentially Group CEO said: “This deal represents an important step in the Quintessentially strategy as we simplify and improve our corporate structures, in this case through a licensing agreement. The ‘Estates’ brand will continue to be an important part of the Quintessentially portfolio and I am looking forward to seeing the business thrive under Penny’s ownership”.
Support for the deal was also provided by North East accountants DMC North, together with Newshams Tax Advisors.