Covid-19 sees Orchard Funding cancel banking licence application

19th Oct 2020 14:04

(Sharecast News) - Insurance premium and professions funding specialist Orchard Funding Group announced it was cancelling its application for a banking licence on Monday.
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.