Edge and Enterprise up for sale
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Enterprise and its sourcing system Edge have been today formally put up for sale.
The annoucement follows an unsolicited approach received regarding the Edge technology, and given recent developments regarding specialist mortgage supply for Enterprise’s traditional businesses, a review by the Enterprise Board determined that the business should now be formally put up for sale.
Edge provides sourcing to some 11,000 registered broker users and in 2008, it launched a consumer-facing sourcing system for a variety of branded affiliates.
These included Daily Express, Daily Star, uSwitch.com, easymoney.com and worklifelive.com, as well as for its own-branded comparison site at diymoney.uk.com.
Michael Clapper, group chief executive at Enterprise Group, says: “We received an unsolicited approach a couple of weeks back for the Edge system and that prompted a review by the Enterprise board, which includes its majority investor Promethean Investments. The board determined that the best course of action was to place the business up for sale.”
Vantis Corporate Advisers have been appointed to act on Enterprise’s behalf and Clapper says that the firm has already been contacted by several interested parties.
He adds: “My feelings are that a new owner would be able to maximise the potential for Edge and I believe that we have the potential to capture a large proportion of mortgage business as the distribution landscape changes.”
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