Ten Lifestyle Group PLC Ten Wins Contract with Absa Bank Limited (4685Q)

TIDMTENG

RNS Number : 4685Q

Ten Lifestyle Group PLC

19 February 2019

19 February 2019

Ten Lifestyle Group plc

("Ten" or the "Company")

Ten Wins Contract with Absa Bank Limited

Ten Lifestyle Group plc (AIM: TENG), a leading technology-enabled lifestyle and travel platform for the world's wealthy and mass affluent, is pleased to announce it has won a new contract with Absa Bank Limited ("Absa"), a South African financial services provider, to provide digital and high-touch travel and lifestyle concierge services to its private banking clients in South Africa. Absa's customers will primarily be serviced out of Ten's Cape Town office.

The service is due to launch from March 2019 as a Small contract(1) and is expected to grow into a Medium contract in the 2019/20 financial year.

(1) Ten categorises its corporate client contracts based on the annualised value paid, or expected to be paid, by the corporate client for the provision of concierge and related services by Ten as follows:

   --     Small contracts (below GBP250,000); and 
   --     Medium contracts (between GBP250,000 and GBP2 million). 

Alex Cheatle, CEO, Ten Lifestyle Group plc, said;

"We are delighted to have been selected by Absa to supply their private banking clients with our services. Their high-value customers will be able to choose from dining, live entertainment, retail, and more online, as well as use Ten's high-touch concierge service. We are also extremely excited to be expanding our reach in South Africa and are very much looking forward to the launch of this new partnership."

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For further information, please visit https://www.tengroup.com/ or contact:

 
 Ten Lifestyle Group Plc                       via Tavistock 
  Alex Cheatle, Chief Executive Officer         [phone] 
  Sean Hegarty, Chief Financial Officer         3427 
  Kerry Anderson, Head of PR 
 Jefferies International Limited, Nominated 
  Advisor 
  Simon Hardy                                  [phone] 
  Christopher Binks                             8000 
 Peel Hunt LLP, Joint Broker 
  Edward Knight 
  Nick Prowting                                [phone] 
  Max Irwin                                     8900 
 Tavistock, Financial PR & IR 
  Jos Simson 
  Simon Hudson                                 [phone] 
  Sophie Praill                                 3150 
 

Notes to Editors

Ten Lifestyle Group Plc, founded in 1998, is a leading, technology-enabled lifestyle and travel platform, providing trusted concierge services to its members around the clock, 365 days a year. The Group currently has a headcount of over 800 staff around the world and is listed on the AIM market of the London Stock Exchange (AIM: TENG).

Ten assists its members to discover, organise and book travel, dining and live entertainment; seeking to save them both time and money. Through Ten's service proposition, members can achieve superior access, experiences and outcomes, more cost-effectively and conveniently than they could have achieved on their own. Ten provides a high-touch travel and lifestyle concierge service, underpinned by its proprietary technology-enabled platform.

Across the business, Ten manages and provides its personalised service to more than 2 million registered private and corporate individuals on behalf of over 50 organisations.

Ten is headquartered in London, with offices in 20 locations globally serving its growing global network of members.

For further information about Ten Lifestyle Group Plc, please go to: https://www.tengroup.com/.

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February 19, 2019 03:35 ET (08:35 GMT)