Ten Lifestyle Group PLC Ten Wins Contract with ICBC (3782K)

TIDMTENG

RNS Number : 3782K

Ten Lifestyle Group PLC

13 December 2018

13 December 2018

Ten Lifestyle Group plc

("Ten" or the "Company")

Ten Wins Contract with ICBC Private Banking Department

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 ICBC Private Banking Department, to provide high-touch travel and lifestyle concierge services to a select group of its high-net-worth clients based in China.

The service is due to launch in January 2019 as a Small contract(1) and is expected to potentially 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); 

This does not include the revenue generated from suppliers through the provision of concierge services.

ICBC Private Banking Department;

"After a competitive tender we were happy to appoint Ten Lifestyle Group plc as a premium travel and lifestyle concierge partner. We were impressed by the team we met, their digital platform and their global reach. We hope this is the start of a strong partnership in China."

Andrew Long, CEO Asia Pacific, Ten Lifestyle Group plc, said;

"We are honoured to have been chosen by ICBC to support their most valuable clients in China and thrilled to be working with the world's largest bank. We see this as a fantastic opportunity to grow our already sizeable operation in mainland China"

- End -

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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December 13, 2018 04:04 ET (09:04 GMT)