The 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.
6th August 2024
Orchard Funding Group PLC
Trading Update
Orchard 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.
On 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.
Change of Name of Nominated Adviser and Broker
The 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.
For further information, please contact:
Orchard Funding Group PLC +44 (0)1582 346 248
Ravi Takhar, Chief Executive Officer
Panmure Liberum (Nomad and Broker) +44 (0)20 3100 2222
Edward Mansfield
For Investor Relations please go to: www.orchardfundinggroupplc.com