Ten wins new contract in Japan

RNS Number : 7354Y

Ten Lifestyle Group PLC

18 January 2022

 

18 January 2022

Ten Lifestyle Group plc

("Ten" or the "Group")

Ten wins new contract in Japan

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 contract with one of Japan's largest wealth management businesses.

The new, multi-year contract will see Ten's digitally-enabled concierge services being made available for the first time to the new corporate client's high-net-worth wealth management customers during this financial year. The contract is expected initially to be Small¹, with the potential to grow into a Medium contract during the next financial year.

This new contract is incorporated within the Group's existing growth plan.

Alex Cheatle, CEO of Ten Lifestyle Group, said:    

"I am delighted that one of Japan's largest wealth managers is the latest major financial services business in the country to be offering Ten's digitally-enabled concierge service to their most valued customers.

Since establishing an office over ten years ago, Ten has grown to scale in Japan, the home to the third largest population of millionaires ² and one of the Group's key markets in the APAC region. This new contract will further strengthen Ten's business in Japan, where we expect activity to increase as the country emerges from the pandemic."

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.

² Global Wealth Databook 2021, Credit Suisse. Retrieved June 24, 2021.

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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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