Covid-19 sees Orchard Funding cancel banking licence application
Orchard Funding Group
28.50p
16:55 18/04/24
-5.00%
-1.50p
Insurance premium and professions funding specialist Orchard Funding Group announced it was cancelling its application for a banking licence on Monday.
Financial Services
14,164.95
17:14 18/04/24
-0.88%
-125.78
FTSE AIM All-Share
745.29
16:54 18/04/24
n/a
n/a
The AIM-traded firm put the decision down to current uncertain economic conditions, as a result of the Covid-19 pandemic.
“The company has decided to withdraw its application for a banking licence to focus on its core business activities,” the board said in its short statement.
At 0828 BST, shares in Orchard Funding were down 5.69% at 58p.