Ten Lifestyle advances on new Chinese contract win

Ten Lifestyle Group’s shares shot up on Thursday after it 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 company, which presides over a technology-enabled lifestyle and travel platform, said it plans to launch the services in January as a contract worth under £0.25m but is expected to potentially grow into a medium contract of between £0.25m and £2m in the 2019/20 financial year.

Andrew Long, chief executive of Asia Pacific at Ten Lifestyle Group, 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."

The new contract comes as the AIM traded company seeks to develop its new and immature geographies and continue investment in new vertical markets such as the employee loyalty and luxury brand markets.

A statement from ICBC’s private banking department said: "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."

Ten Lifestyle Group’s shares were up 15.03% at 37.50p at 1249 GMT.