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 that it has won a new three-year contract with a leading credit card issuer in APAC, following a successful trial of Ten’s concierge and lifestyle services.
Ten will take over from an existing in-house concierge service and external travel service provider in the first half of the 2022 financial year (which begins 1 September 2021), making Ten’s concierge and lifestyle services, including Ten’s proprietary digital platform, available to many of the client’s premium cardholders.
The contract is expected to be a Large1 contract in the 2022 financial year, with good potential for growth. The extra volume of member activity will help provide scale and buying-power to improve the efficiency and quality of the existing Ten service in the APAC region.
Ten has also agreed a multi-year extension of a Medium contract in the APAC region with an existing global client.
These contract wins are incorporated within the Group’s existing growth plan.
1Ten 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.