Enterprise Group in administration

1 December 2009

Enterprise Finance, the secured loan, bridging finance and commercial master broker will be headed up by managing director Danny Waters and the group’s former sales director Harry Landy.

Enterprise Finance expects to process all existing pipeline cases from Enterprise Broker Services so that no brokers will lose any proc fees from completed cases in the coming months.

Michael Clapper, chief executive of Enterprise Group, says around 15 staff will lose their job as a result of the closure. 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 that broker proc fees will be paid.

“The credit crunch got the better of us, we were right in the eye of the storm and the business came to a natural end. I’m now going to take some time off and look at my options in the New Year.”

Clapper says there is still a couple of potential buyers for its Edge v2 system, but could not reveal who these are.

Nick O’Reilly and Simon Glyn were appointed as joint administrators of Enterprise Group on November 27.

An email seen by Mortgage Strategy reveals that the administrators were appointed by the directors of the Enterprise companies.

The email goes on to confirm that the joint administrators will be writing to all known creditors of the Enterprise companies to notify them of the administration and to invite them to make a claim for any monies that are currently owed.

Enterprise and its Edge sourcing system were formally put up for sale in November.

At the time Enterprise said this was as a result of an unsolicited approach received regarding the Edge technology.

Vantis Corporate Advisers were appointed to act on Enterprise’s behalf and Clapper said that the firm has been contacted by several interested parties.

Enterprise was ranked the 31st fastest growing private company in the UK by the Sunday Times ‘Fast Track 100’ in 2007.

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