Parker Bowles firm loses £833,000

Tom Parker Bowles's internet company has made a heavy loss in its first year of business.

The Evening Standard has learned that Quintessentially, the online members' club which employs the 26-year-old son of Camilla and Andrew Parker Bowles, lost £833,342 in the financial year to April.

Quintessentially had been fully operational for only five months of the accounting period and new companies often lose money. But the scale of the losses is not good news for the firm, which offers members discounts on luxury goods and services and then takes a commission.

It was revealed this month that Quintessentially had been forced to postpone the launch of its own credit card, which had been billed as a potential rival to the American Express Centurion card.

Founded by Mr Parker Bowles's cousin Ben Elliot, also 26, and film producer Aaron Simpson, 29, the firm was launched amid much publicity last December.

The coming months are now crucial to its future. Members who paid £400 to join will soon be asked to renew their membership for a second year.

Chris Gorman, a non-executive director of Quintessentially, said he was confident about the future.

The losses are very much in line with expectations. Trading is now very healthy. We've got to an almost break-even position now. Each month we're within about £5,000 either slightly in profit or slightly under."