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11
Aug
Harrogate firm on scent of buyers for potential £200 million sale
One of the most prominent business success stories in Harrogate’s recent history could be sold for up to £200 million, according to industry reports.
NEOM, most famous for its scented candles and reed diffusers, has appointed financial services adviser Alantra to explore a sale that could value the company at double the amount estimated just five years ago.
In 2021, NEOM mulled a possible stock market flotation that had it valued at £100 million.
It is understood that the current process is still at an early stage, and various ownership options are under consideration.
A £200 million sale would result in a bumper pay day for the company’s current shareholders, led by its co-founders, Nicola Elliott and Oliver Mennell, who own 27% and 29% respectively.
Other stakes are held by private equity firm Piper (19%), former Molton Brown owner Michael Warshaw (10%), and eight other individuals and organisations.
Ms Elliott, a former Glamour magazine editor who retrained as an aromatherapist, and former investment analyst Mr Mennell founded the company in 2005, and created its name from their combined initials: NE and OM.
NEOM, which is based at Beckwith Knowle off Otley Road, now has nine shops around the UK and Ireland, including in the Victoria Gate shopping centre in Leeds. It also has sales channels in the US, the United Arab Emirates and Germany, and concessions in 10 hotels and spas, including Harrogate’s Turkish Baths and the Ritz Carlton in Wolfsburg, Germany.
According to its latest accounts, NEOM turned over £45.4 million in the 12 months to June 30, 2025, and more than doubled post-tax profits, from £1.4 million to £3 million.
The Stray Ferret approached NEOM for more information, but the comany declined to comment.
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