Ten Expands into Scandinavia, Wins First Contract

RNS Number : 1143Y

Ten Lifestyle Group PLC

07 May 2019

 

7 May 2019

Ten Lifestyle Group plc

("Ten" or the "Company")

Ten Expands into Scandinavia, Wins First Contract

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 expanded into Scandinavia with a new office opening and a new contract win.

Ten opened a new office in Oslo, Norway, on 15 April 2019. This is Ten's first office in Scandinavia and marks a key step towards achieving the Company's expansion plans in this region, where we are in discussions with a number of potential clients.

Ten has just signed a contract with DNB Bank ASA ("DNB"), the largest financial services group in Norway. This contract will see Ten taking over the provision of concierge services to selected Family Office customers from the incumbent supplier in June 2019. This initial launch is expected to be a Small contract¹ and as our relationship with DNB further develops, may grow into a Medium contract in financial year 2019/20.

(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 £250,000); and

·     Medium contracts (between £250,000 and £2 million).

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

"We are delighted to be expanding into Scandinavia, a new and promising geographic territory for us. The Oslo office will enable us to provide specialist lifestyle and concierge services in Norwegian and Swedish, as well as English, to HNW customers in this very affluent region. I am confident that DNB will prove to be a flagship client for us in the region and we are excited to begin this new partnership. This expansion represents a further step towards our goal of achieving a global presence in regions with high levels of wealthy and affluent potential members."

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

Ten Lifestyle Group Plc Alex Cheatle, Chief Executive Officer Sean Hegarty, Chief Financial Officer Kerry Anderson, Global Head of Brand Marketing & Communications	via Tavistock [phone]
Jefferies International Limited, Nominated Advisor Simon Hardy Christopher Binks	[phone]
Peel Hunt LLP, Joint Broker Edward Knight Peter Stewart Nick Prowting	[phone]
Tavistock, Financial PR & IR Jos Simson Simon Hudson Jenny Boyd	[phone]

Notes to Editors:

About Ten Lifestyle Group Plc

Ten Lifestyle Group plc is a leading, travel and lifestyle concierge service, helping wealthy individuals to discover, organise, and enjoy travel, dining, live entertainment, and the world of luxury, cheaper, and quicker than they could themselves.

Underpinned by industry-first technology, Ten provides its trusted concierge service to its more than 2 million members 24/7, 365 days a year, wherever they are in the world. Founded in 1998, the growing business now has over 800 staff, 20 global offices and is listed on the AIM market of the London Stock Exchange (AIM: TENG).

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

 

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