REG - Orchard Funding Grp - Trading Update

Orchard FundingAnnouncement

06/08/2024 07:00

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RNS Number : 2575Z  Orchard Funding Group PLC  06 August 2024

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.

 

 

 

6(th) 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 30(th) 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 30(th) 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
(http://www.orchardfundinggroupplc.com/)

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