(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.
Orchard Funding (ORCH)25 Jun 2024 11:47
IN BRIEF: Orchard Funding soars on "positive" trading update
Orchard Funding Group PLC - Luton, England-based supplier of funding support to insurance brokers and professional firms - Celebrates "revenue growth...