The announcement follows on from news last month that the Enterprise Group was formally put up for sale. This was due to an unsolicited approach received regarding its sourcing system and recent developments regarding specialist mortgage supply for Enterprise’s traditional businesses.
Michael Clapper, group chief executive of the Enterprise Group, said the business came to a natural end due to the tight credit conditions.
He added: “The credit crunch got the better of us and we were right in the eye of the storm. Enterprise Broker Services was a packager of specialist mortgages for most of the major networks and that supply has dried up. I am glad that we paid all the staff and that broker procuration fees will be paid.”
Another subsidiary, secured loan and bridging finance company Enterprise Finance, has not gone into administration and will complete the pipeline business of Enterprise Broking Services. It will continue to trade as normal and expects no disruption from its parent company’s administration.
Nick O’Reilly and Simon Glyn from Vantis Corporate Advisers have been appointed as joint administrators of the Enterprise Group. O’Reilly, director at Vantis Corporate Advisers, said he was hopeful that the Edge V2 sourcing system would be sold to another party and survive.
