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LONDON (Alliance News) - Shares rose in Ten Lifestyle Group PLC on Monday as it won a new contract with the Private Banking department of the Industrial & Commercial Bank of China Ltd.
Shares in the travel and lifestyle platform rose 14% to 37.00 pence on Thursday.
Under the contract's terms, Ten Lifestyle will provide concierge services to a group of the bank's high-net-worth clients based in China.
The service is expected to launch in January 2019 as a small contract, below GBP250,000 in value, and is expected to grow into a medium-sized contract in the financial year ending August 31, 2020.
A medium-sized contract for Ten Lifestyle has a value in the range of GBP250,000 from GBP2 million.
"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," said Asia-Pacific Chief Executive Officer Andrew Long.