REG - Orchard Funding Grp - Trading Update

Orchard FundingAnnouncement

01/03/2024 07:00

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RNS Number : 0657F  Orchard Funding Group PLC  01 March 2024

1(st) March 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 it has suffered an instance of
fraud, arising from dealings with a fraudulent introducer and fraudulent
credit agreements funded by the Company as a result.

The Board has made a provision of approximately £500k in respect of these
fraudulent credit agreements (the "Provision"), which will have a knock-on
impact on the Group's year-end financials. The Provision represents the
Group's total exposure to these fraudulent credit agreements, and there are no
other agreements in place involving the Group which have been introduced via
this introducer

 

The Board is conducting a thorough review of its wider lending book and
introducer network to satisfy itself that no fraud risk exists elsewhere in
its current loan book, alongside a review of its systems and controls and to
ensure that the risk that the Company suffers a similar fraud in the future is
minimised.

 

 

For further information, please contact:

 

Orchard Funding Group
PLC
+44 (0)1582 346 248

 

Ravi Takhar, Chief Executive Officer

 

Liberum (Nomad and
Broker)
+44 (0)20 3100 2222

 

Lauren Kettle

 

For Investor Relations please go to: www.orchardfundinggroupplc.com
(http://www.orchardfundinggroupplc.com/)

 

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.

 

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