Corporate Governance – Summary of strategy

The group’s principal objective is to increase our profitability in a prudent, sustainable, ethical manner. The reason for this is that our stakeholders (employees, shareholders, partners, other customers, creditors and government) will all benefit from profit growth in the group.

We have two main financial strategies for doing this:

  • to grow our lending book profitably. In the short to medium term, the directors believe that the group’s aims will be achieved first by increasing the number of our partners (insurance brokers, professional firms), including taking on new partners (schools and sports clubs) and secondly, by increasing the volume of business from these partners;
  • to give further security to our sources of liquidity. A banking licence has been a long-standing strategic goal for Orchard. It will enable us to increase our liquidity further and reduce our reliance on commercial lenders as we build our customer deposit base.

Our financial strategy is bolstered by our non-financial strategies.

First, we consider those brokers and professional firms with whom we work as our partners. We provide them with the tools they require to run their own finance businesses or we directly provide their customers with finance. We have found that in this way these businesses become supportive participants in our objectives because they see how this will assist them in achieving theirs.

Secondly, our sales team are given support in meeting the targets set for them by finding partners who fit in with our business ethos, arranging prospect meetings and, where required, making use of senior personnel to help them close the deal. Care of our partners is of paramount importance in our business culture and this aspect is a constant part of training for all staff. Feedback from our partners in this area has been positive. Performance targets set for our staff (for example, answering partner enquiries promptly) have all been met.