Trading Update
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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.
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