Richard Crow, Professional Private Investor

Also known as @RebelHQ (Cockney Rebel)  

After starting life as a milkman and ending up paralysed after a motorbike accident @ 19 years old, Richard started investing in 1982. Mainly punting penny shares and buying unit trusts all went quite well until the 1987 Black Monday Crash where he lost a third of his investments. Undeterred he returned to investing several years later and had good success in the tech boom, selling out early before most of the tech rout. Thereafter, he started investing and trading, mainly in small caps finding many multi-baggers and much greater success. Interests are wildlife, art painting and sculpting), self-build, food, (in particular cheese) humour.

About Ten Lifestyle Group plc

Ten Lifestyle Group plc (“Ten”) is a leading customer experience platform, combining proprietary technology with expert human service to deliver premium lifestyle, travel, dining and entertainment solutions for affluent customers worldwide. The company partners with over 50 global financial institutions and premium brands, providing access to exclusive benefits and experiences through a scalable digital platform. UK clients include HSBC, NatWest Black, St. James’s Place and Barclays.

Business Model & Market Position

Ten operates a two-sided marketplace connecting financial institutions, high-spending members and suppliers including hotels, restaurants and event promoters. Revenue is generated primarily through recurring platform and technology fees paid by banks, wealth managers and financial services brands under long-term contracts. With millions of eligible members and 436,000 active users, Ten’s platform supports engagement across 20+ languages, 43 currencies and 60 countries. AI-powered tools, alongside products including Ten Box Office and Digital Dining, enhance efficiency, personalisation and engagement.

First Half Financial Highlights (H1 2026 vs H1 2025).

· Net Revenue: £33.7m (up 5%)

· Adjusted EBITDA: £7.0m (up 16%)

· EBITDA Margin: 20.7% (up 10%)

· Profit Before Tax: £1.6m (up 60%)

· Net Cash: £9.3m (vs £6.8m) following repayment of long-term debt

· Active Members: 436,000 (up 23%)

Strategic Progress

H1 2026 contract developments reflected growing demand for Ten’s digital and digitally enabled loyalty proposition. Highlights included the launch of the Ten Digital Platform with a leading UK bank and a digitally enabled concierge programme with a global technology company. Over 60% of members said Ten’s concierge service was a strong or decisive factor in remaining with their sponsoring brand.

Responsible Business

Ten is the first B Corp-certified company on AIM, committed to sustainability, diversity and ethical governance.

Investment Case

· Large, Growing Market: Ten operates in a significant and underpenetrated global loyalty and lifestyle market.

· Proven Model: Long-term blue-chip contracts support recurring revenues, cash generation and profitable growth.

· Scalable Technology: Proprietary digital platforms improve efficiency and scalability with low incremental cost.

· Strong Client Base: Trusted by leading financial institutions, with high renewal rates and measurable ROI for clients.

Ten offers investors exposure to a resilient, technology-enabled, debt-free business with growing, recurring revenues, expanding digital capabilities and a clear path to continued, sustainable profitability.

Ten’s Growth Engine is explained here

www.tenlifestylegroup.com/investors/investment-case/

Alex Cheatle, Co-Founder & CEO

Alex is the Co-Founder and CEO of Ten Group, the leading loyalty business serving affluent members/clients globally across dining, entertainment, benefits and travel.

Since founding Ten in 1998 after a career at Procter & Gamble, Alex has led the company’s growth into the #1 market leader – a publicly listed, tech-enabled service operating from over 25 cities worldwide.

Alan Donald, CFO

Alan Donald joined Ten in June 2019 as CFO and brings 30 years’ of financial leadership experience across the insurance, healthcare, aviation, business travel and leisure sectors. He is responsible for the Finance and People Experience functions.

Prior to Ten, he served as UK Finance Director at Thomas Cook and held Chief Financial Officer roles at Saga Group plc (Travel Division), Carlson Wagonlit Travel (EMEA) and Menzies Aviation (John Menzies Group plc).

He is a qualified Chartered Accountant.

Foresight Group is one of the world’s leading investment managers in real assets and capital for growth, renowned for its future focussed strategies. Its diversified platform of strategies and funds span private and public markets, reinforced by its leadership in UK tax-efficient investing. With decades of experience, the firm invest beyond capital, partnering with clients to explore new opportunities. Foresight Group aim to drive positive economic, environmental and social outcomes and deliver strong returns to investors.

Liz Scorer

Liz joined Foresight in 2021 to lead the corporate IR activity following Foresight’s successful listing on the LSE in February 2021. Having started her career working for a number of large-cap organisations Liz more recently chose to focus on the small and mid-cap market, working across finance and commercial roles to develop a broader set of skills and experience. Immediately prior to joining Foresight, Liz was Head of IR for trading group IG. Today Liz is a partner and member of the Group's Executive Committee with accountability for IR, Strategy and Financial Insights. Liz is a Chartered Management Accountant (CGMA), holds a Diploma in IR (DipIR) and a BSc in Geography from the University of Leeds.

S&U plc was founded in 1938 by the present family directors’ grandfather. Whilst being fully listed on the London Stock Exchange with a market value of nearly £250m, it prides itself on its family ethos and long term attitude to sustainable earnings and financial performance. It operates in the specialist financial areas through Advantage Finance, its motor business founded in 1998 and through its property finance business, Aspen Bridging, founded in 2015.

Introducing Mello Insights

Mello Insights is a monthly webinar series that takes you inside the minds of leading investors, analysts, and fund managers. Explore the thinking, strategies, and philosophies that drive success - from spotting opportunities to navigating risk - and discover what really sets top market professionals apart.

Jamie Ward

https://wonderstcks.substack.com/

Jamie is a highly-regarded equity analyst and fund manager. He began his career in investment management running the research process for equities for private clients and IHT portfolios. He moved over to portfolio management in 2013 and has managed hedge funds and long-only equity funds, including a seven-year stint as the manager of the then-highly-rated Oriel UK Fund. He then moved over to management when he became head of investments at a major investment platform. He now writes for publications and consults on equity investment throughout the UK.