Orchard Funding takes hit as largest customer goes into administration

Tue, 06th Aug 2024 12:42

(Alliance News) - Orchard Funding Group PLC shares fell on Tuesday, as its largest customer went into administration.

Orchard Funding is a Luton, England-based supplier of funding support to insurance brokers and professional firms. Its shares were down 36% to 20.56 pence each in London on Tuesday afternoon.

It said that its largest customer Nukula, trading as "Insure That" has gone into administration.

At June 30, Orchard's lending to Insure That's customers comprised GBP16.7 million to around 80,000 customers. Its total lending book was GBP66.8 million.

"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," Orchard said.

By Sophie Rose, Alliance News senior reporter

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Orchard Funding