Ten secures contract wins and renewals in EMEA

RNS Number : 4542Z

Ten Lifestyle Group PLC

25 January 2022

 

25 January 2022

Ten Lifestyle Group plc

("Ten" or the "Group")

Ten secures strategic contract wins and renewals with wealth managers in EMEA

Ten Lifestyle Group plc (AIM: TENG), a leading technology-enabled, global concierge platform for the world's wealthy and mass affluent, is pleased to announce it has won a multi-year contract with a new corporate client, that is one of the UK's largest wealth managers.

The new contract will see Ten initially launch its services in spring 2022, making concierge and lifestyle services, including Ten's proprietary digital platform, available to a segment of the client's wealth management customers in the UK. This initial launch is expected to amount to a Small contract¹ this financial year and grow into a Medium contract during its multi-year term.

Ten is also pleased to provide the following recent business developments in the EMEA region:       

· Ten has agreed a multi-year deal with St. James's Place, an existing corporate client and FTSE-100 wealth management business, to further roll-out its digitally-enabled concierge services to its Partners and clients, growing the existing Medium contract following a successful pilot.

· Ten has renewed an existing Large contract with a major UK private bank, continuing the longstanding provision of Ten's digitally-enabled concierge services to the client's most valued customers.

· Further to Ten's announcement on 20 September 2021, Ten's digitally-enabled concierge services have been added to Barclays' Travel Plus Pack product, which is now on sale. This is expected to result in the growth of the existing Medium contract.

·Ten has secured Small contracts with two wealth managers in EMEA to provide Content services to support the clients' customer engagement strategy.

These announcements are incorporated within the Group's existing growth plan.

Alex Cheatle, CEO of Ten Lifestyle Group, said:    

"I am delighted that we have won a significant contract with a new wealth manager in the UK. We hope the success of this programme may lead to the further expansion of the service and the growth of a strong and long-lasting partnership with this new corporate client.  Our aim is for our service to support our corporate clients with improved client retention, acquisition and increases in Assets Under Management."

This is a significant development for Ten in the UK, our most mature market, demonstrating the potential for growth as we prove the impact that we can have on our corporate clients' commercial success, by delivering outstanding personal service to their valued clients.  The win, along with the other recent business developments with wealth managers in the region, may also help provide further proof to other wealth managers, outside the UK, looking to improve their customer metrics."

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: Small contracts (below £0.25m); Medium contracts (between £0.25m and £2m); Large contracts (between £2m and £5m); and Extra Large contracts (over £5m). This does not include the revenue generated from suppliers through the provision of concierge services.

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

Ten Lifestyle Group Plc Alex Cheatle, Chief Executive Officer Alan Donald, Chief Financial Officer	[phone]
Peel Hunt LLP, Nominated Advisor and Broker Edward Knight Paul Gillam James Smith	[phone]

Notes to Editors:

About Ten Lifestyle Group Plc

Ten Lifestyle Group plc is a leading technology-enabled, global concierge platform, helping wealthy and mass affluent individuals and their families to discover, organise, and enjoy dining, live entertainment, travel and premium retail (and other relevant services) with better results and more quickly than they could themselves. Many of the world's leading brands pay Ten to support their most valued customers.

Underpinned by industry-first technology, Ten provides its trusted concierge services to millions of members, in over 15 languages, 24/7, 365 days a year, wherever they are in the world. Founded in 1998, the business listed on the AIM market of the London Stock Exchange in November 2017 (AIM: TENG).

The growth engine at the heart of Ten's business model is the driving force behind its progress towards its objective to become the most trusted service platform in the world.

For further information please go to: www.tenlifestylegroup.com.

 

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