Enterprise Group has been placed into administration.

Nick O’ Reilly of Vantis Corporate Advisers has been appointed as administrator for the firm.

However, Danny Waters, managing director of Enterprise Finance Limited has stressed that his business is not in administration and was trading as normal.

He said that Enterprise Finance expected to process all pipeline cases from Enterprise Broker Services so no brokers would lose out on proc fees.

Vantis Corporate Advisers previously set a deadline of Monday 16 November for enquiries from interested parties looking to buy Enterprise group and its EDGE sourcing system.

Steve Walker, managing director of Promise Solutions, said his firm was fielding enquiries from concerned brokers: He said: “We have had received two calls this morning from brokers wanting to move current cases to Promise. We have therefore set up an internal process for brokers to fax any details of any pending cases they have and we will issue new documents on the same lender immediately.