Eudeus The Mortgage Lender Goes into Administration

The Specialist Mortgage lender Edeus has today gone into administration.

KPMG has been appointed to supervise the administration of edeus mortgage creators and edeus creators. The business which has its headquarters in Wolverhampton employs 26 people. All customers who are currently on the edeus mortgage book will be unaffected by this announcement and their loans will continue to be serviced as normal.

Talking to Money Marketing, Bolton says: "Today is a sad day. But what we have achieved in a short time confirmed the ability of that group of people to deliver what they said they would. We took the whole intermediary proposition on to another plain with the likes of GMAC and HBOS trying to catch up with us.

"We are clearly a victim like many of our peers of this credit crunch. We have survived 14 months and have been doing a good job for a number of our business partners in the interim otherwise we would have not have got funded this far. We have endeavoured to honour the asset that was left over last August. We did manage to get some trades away which carried on paying the bills."

He adds: "I am not discounting, as part of a consortium buying back the business, and I have told the administrator, I am interested in buying back the business. There is a chance we may be coming back in the next few weeks."

Putting a Company into administration can offer the Company the the much need space and time to restructure and arrange a business recovery plan without putting the Company into Liquidation.