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 £16.7 million to around 80,000 customers. Its total lending book was £66.8 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.
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