RE: This is turning into a nice little21 Dec 2018 01:49
I actually use their concierge service, so bought some shares out of curiosity.
Got in at £1.60, and picked up some more at 27.999p.
The fixed price per client business model worries me.
If they are good, I would use them more, but they don't get any more money.
Amex Centurion charges US$7,500 to join, then US$2,500 Annual Fee.
I get TEN Group concierge service for FREE through HSBC Jade.
They need to fleece me somehow, I just haven't work out how yet.
I assume they will charge me rack rate, i.e. full price, and pretend to give me 5% discount.
There is plenty of scope for taking a cut, as a booking agent.
Meanwhile, people who DIY get 30% off, by booking direct with the hotel.
The bank can claim they give you a concierge service for a premium account, for very little cost.
I wouldn't be surprised if they sold me to TEN Group.
I am hoping that TEN Group rips off rich people, so boosting their revenue.
This results in the share price going up, or even paying dividend.
So far, booking restaurants have been free, but I don't know if TEN gets a percentage of my food bill.