Harrogate wellbeing brand NEOM seeks buyer at up to £200m

Harrogate-based premium candle and wellbeing brand NEOM Wellbeing is reportedly exploring a sale that could value the business at up to £200 million after appointing investment bank Alantra to review its strategic options.

The process is understood to be at an early stage, with both a partial sale and a change of control among the options under consideration. NEOM declined to comment on the reports.

Alantra has an established relationship with the business, having advised private equity firm Piper on its minority investment in NEOM in 2017. The bank has also advised on a number of health, beauty and wellness deals, including Inflexion's sale of a majority stake in British skincare brand Medik8 to L'Oréal in 2025.

A valuation of up to £200 million would be double the reported £100 million value attached to NEOM when it considered a possible stock market flotation in 2021. The company appointed Rothschild to advise on its options at the time, but did not proceed with an initial public offering.

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 business began with four candles made using natural wax and fragrances and secured Selfridges as an early stockist.

The company has since expanded into essential oils, diffusers, bath and body products and other personal wellbeing lines. Its product range is organised around four themes: better sleep, less stress, more energy and a mood boost.

In the year ending 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% from £2.2 million to £3.6 million, while profit after tax increased from £1.4 million to £3 million.

Mennell and Elliott together own a majority of the company. NEOM's website lists Mennell with a 29% stake, Elliott with 27% and Piper PE with 19%. Michael Warshaw holds 10%, with the remaining 15% held by eight individuals and organisations, each owning less than 5%.

Mennell stepped down as Chief Executive in October 2023 and became Non-Executive Chair. He was succeeded by 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. Its UK retail presence includes a Regent Street flagship in London, while wholesale partners include John Lewis, Selfridges and Fenwick.

The company expanded into the US through wholesale relationships with retailers including Nordstrom before opening its first American shop at 395 Bleecker Street in New York in July 2024. Further international growth is likely to be a central part of the investment case presented to prospective buyers.

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