An award-winning businesswoman who grew up in the North East has completed the management buy-out of the real estate arm of luxury concierge company Quintessentially.
Penny Mosgrove, a former pupil of Central Newcastle High School, has been CEO of Quintessentially Estates for the past seven years and has now completed a management buy-out with help from North East advisors.
The company buys, sells, rents and manages luxury properties in areas including London, Monaco and New York on behalf of high net worth individuals, entrepreneurs, and celebrities. It recently completed a £56m deal for an apartment in London.
Ms Mosgrove - who was named CEO Today Business Woman of the Year in 2019 and has also been listed in the Top 50 Property Agents List by Spear’s Wealth Management - said the company would continue to work with Quintessentially group and clients after the buy-out.
She completed the deal with professional advice from Newcastle firms Williams Ali Corporate Finance and Square One Law.
She said: “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.”
Quintessentially Group is a British concierge company founded in 2000 by Aaron Simpson, Ben Elliot and Paul Drummond. Mr Elliot, the nephew of Camilla, Duchess of Cornwall, is now co-chairman of the Conservative Party.
The London company is a members-only ‘luxury lifestyle management service’ which provides travel and restaurant books, access to events and guidance on children’s education.
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.
