- Investment company City of London Group said it had taken measures, including allowing staff to work from home, following a reduction in business volumes in certain parts of its businesses as the Covid-19 pandemic continued.

The company's subsidiary, Milton Homes, said sales may slow and reversions may increase, with the company warning of a potentially greater valuation volatility as a consequence of Covid-19.

Recognise, the company's subsidiary, said it was progressing with its application to the UK financial authorities for a banking licence and expected to receive authorisation later in the year.

Recognise would have no legacy book and 'be keen to build its lending portfolio by supporting well established businesses with sensible business plans,' the company said.

'CAML will go into run off & all new business will be originated in Recognise from authorisation,' the company said.

'Given the current crisis, we are reviewing all of our outstanding loans and engaging with our borrowers, early indications from this exercise has been positive,' it added.

At 9:22am: [LON:CIN] City of London Group PLC share price was 0p at 113p

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