Business
Trading Update
Trading Update.
About this update from Orchard Funding Ltd.
[{"type":"text","content":"\n\nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.\n \n \n \n6th August 2024\n \nOrchard Funding Group PLC\n \nTrading Update\n \nOrchard Funding Group PLC (\"Orchard\", the \"Group\" or \"Company\"), the finance group which specialises in insurance premium finance and the professions funding market, provides notification that its largest customer Nukula Limited, trading as \"Insure That\" has gone into administration.\n \nOn an unaudited basis as at 30th June 2024, lending to Insure That's customers comprised £16.7 million to circa 80,000 customers. Orchard's total unaudited lending book as at 30th June 2024 was £66.8m. The Company is assessing the impact of the administration of \"Insure That\" on its ability to collect in the lending made by Orchard to Insure That's customers. The Company will provide a further update in due course.\n \nChange of Name of Nominated Adviser and Broker\nThe Company also announces that its Nominated Adviser and Broker has changed its name to Panmure Liberum Capital Limited following completion of its own corporate merger.\n \n \nFor further information, please contact:\n \nOrchard Funding Group PLC +44 (0)1582 346 248\n \nRavi Takhar, Chief Executive Officer\n \nPanmure Liberum (Nomad and Broker) +44 (0)20 3100 2222\n \nEdward Mansfield\n \nFor Investor Relations please go to: www.orchardfundinggroupplc.com \n\n","length":4131,"tagName":"div"}]