edeus rumoured to be going into administration

Rumours are rife that edeus has gone into administration and that chief executive Michael Bolton has been made redundant from the firm.

Managing director Alan Cleary is thought to still be at the lender.

Nobody from edeus was available to comment.

edeus launched into the mortgage market in a blaze of glory in July 2006 with Michael Bolton and managing director Alan Cleary (both former HBOS employees) at the forefront of the firm.

The duo assembled an all star team from across the industry and were even
one of the first firms to adopt ‘eu’ at the end of the firm's website and email
address.

The new lender was an overnight success and edeus soon became the fastest growing new entrant the mortgage market had ever seen.

But the freeze in the credit markets quickly put paid to the ultimate Bolton and Cleary dream ticket.

edeus was quick to retaliate to market conditions and after successfully recruiting over 100 staff from rival lenders soon had to put out the fire with a swathe of redundancies in November last year.

By April this year another 50 jobs had gone to the wall.

In July 2008 it started to offer its now renowned and since copied Golden Goodbye offer to borrowers on its books. It also started to offer structured savings products from Newcastle Building Society.

Bolton and Cleary unveiled the name of their new lender edeus in July 2006, officially launching in September 2006.
Bolton said at the time the firm had been looking for a name that emphasised innovation, that was challenging and “would echo our core brand values of excellence, service, quality and speed”.

www.mortgagestrategy.co.uk