The technology-led company which provides trusted concierge services to the world's wealthy is set to list on the alternative investment market.
London-based Ten, which was founded in 1998, is a personal concierge service featuring exclusive offers, restaurant recommendations, entertainment ideas, travel guides and more for some of the world’s wealthiest people.
The business focuses predominantly on a corporate client model which includes private banks, retail banks, premium payment cards providers and luxury brands who provide Ten's services to segments of their premium individual customers, who then become Ten members.
Through Ten's service proposition, members can achieve superior access, experiences and outcomes, more cost-effectively and conveniently than they could have achieved on their own. The service is delivered through a combination of Ten's proprietary technology-enabled platform and the expertise of its lifestyle managers.
As a result of making arrangements on behalf of its combined membership base of wealthy individuals, Ten has access to better rates and/or enhanced benefits from its suppliers compared to other existing service providers, both online and offline.
The company is headquartered in London, with offices in 20 locations globally serving its growing global network of members. It now has a headcount of over 650 staff around the world and is now looking to raise a further £40m to continue growing by floating on the London Stock Exchange’s alternative investment market.
Alex Cheatle, CEO and co-founder, said: “The market for concierge services has grown significantly over recent years. We expect this growth to continue, driven by corporate clients seeking to enhance their customers' brand affinity and individual members attracted by an efficient and value-delivering service.
“We are excited to announce our intention to IPO and see going public as the "beginning of the middle" of our growth strategy. We have invested in recent years to build a global footprint and a strong technology platform. We believe that the IPO will now help us to achieve our objective of becoming the most trusted and pre-eminent provider of global lifestyle and travel concierge services to the world's wealthy and mass affluent."
Chairman Bruce Weatherill added: "Ten is a British business, but with a firmly international outlook and flavour. It has over 650 staff today and over half are now outside the UK and Europe, in the Americas and Asia.
“Ten's success has been as a result of its outstanding service proposition and the fact its members can achieve superior access, experiences and outcomes, more cost-effectively and conveniently than they could have achieved on their own.
“The market for supporting wealthy and affluent individuals on their lifestyle and travel decisions is large and growing and we look forward to welcoming new investors who recognise Ten's member driven proposition."
Our BQ Bulletin emails will land in your inbox at 7.30am, Monday to Friday, with a mix of the latest local business news, national news, and features to inspire you. Sign up here!
Click here to read our privacy statement