Accounts reveal losses of £8.4m for Enterprise
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Enterprise Group’s latest accounts show it made an £8.4m loss in the year to March 31 2008.
The accounts also reveal that auditor BSG Valentine flagged up concerns about both Enterprise Group and its subsidiary Enterprise Broker Services when the accounts were filed in February.
Enterprise Group posted a £8,398,459 loss in the year ending March 31 2008. Enterprise Broker Services Limited reported a loss of £939,684 in the same year.
In the group accounts BSG Valentine cast doubt on whether the support of the company owner’s would continue and highlighted concerns over the future value of investments in its balance sheet.
The auditor’s report says: “These conditions indicate the existence of a material uncertainty which may cast significant doubt on the company’s ability to continue as a going concern.”
Enterprise Group and its subsidiaries Enterprise Broker Services and Edge v2 were placed into administration last week. Enterprise Fi-nance, the secured loan, bridging finance and commercial master broker, will continue trading.
Nick O’Reilly, client partner, business recovery services at Vantis and joint administrator for Enterprise, says the sale of Edge v2 is still being pursued. He revealed that HSBC was in talks to buy the system but that the bid has been withdrawn.
He says Promethean Investments LLP, a majority stakeholder in Enterprise Group, will be first in line to be paid out of the company’s creditors.
Michael Clapper, chief executive of Enterprise Group, says around 15 staff will lose their jobs.
He says: “It’s sad, it’s the end of an era. The first Enterprise business started 19 years ago, but the important thing is that all staff were paid and broker proc fees will be paid.”
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