(Image: NEOM Wellbeing)
A North Yorkshire wellbeing brand whose fans include Kate Moss and Gwyneth Paltrow is reportedly exploring a sale that could value the business at up to £200 million.
Harrogate-based NEOM Wellbeing, famous for scented candles and reed diffusers, has appointed investment bank Alantra to review its strategic options.
National media has reported the process is understood to be at an early stage, which could include a partial or majority sale. NEOM has reportedly declined to comment on the reports.
Alantra, which has advised on many health, beauty and wellbeing deals, is known to NEOM, having advised private equity firm Piper on its minority stake in NEOM in 2017.
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A valuation of up to £200 million would be double the reported £100 million value attached to NEOM when it looked at floating itself on the stock market five years ago.
NEOM was founded in 2005 by Nicola Elliott, a former Glamour magazine editor who retrained as an aromatherapist, and former investment analyst Oliver Mennell.
The pair remain the company’s largest shareholders, owning 27 per cent and 29 per cent respectively. Other shareholders include Piper owning 19 per cent and former Malton Brown owner Michael Brown owning ten per cent.
The business, whose HQ is at which is based at Beckwith Knowle off Otley Road, began with four candles made using natural wax and fragrances and secured Selfridges as an early stockist.
Since then, the company has expanded into essential oils, diffusers, bath and body products and other personal wellbeing lines. The products are themed around four themes: better sleep, less stress, more energy and a mood boost.
Its latest filed accounts show that in the year to June 30 2025, NEOM Ltd reported turnover of £45.4 million, up 13% from £40.1 million in the previous year. Pre-tax profit rose by 60 per cent from £2.2 million to £3.6 million, while profit after tax increased from £1.4 million to £3 million.
Mennell stood down as Chief Executive in October 2023 and became Non-Executive Chair. His successor is Isabel Malbois, a former L'Oréal executive who joined NEOM as Global Commercial Director in November 2021 and became Managing Director in July 2022. Elliott remains Creative Director.
NEOM sells through its own shops, known as Wellbeing Hubs, as well as department stores and other retailers. Among them is Victoria Gate in Leeds as well as a flagship store in Regent Street, London.
Wholesale partners include John Lewis, Selfridges and Fenwick, along with spa partners including the Turkish Baths in Harrogate.
The company has expanded into the US, the United Arab Emirates and Germany.
Further international growth is likely to be a central part of the investment case presented to prospective buyers, national media has also reported.