News blog
Network Data
- BY: Andrew Hore |
- POSTED: 21/04/2009 |
Network Data Holding’s core mortgage broking network business is no longer allowed to take on new business.
The Financial Services Authority has told Network Data Ltd to write to all of its appointed representatives that it is no longer allowed to carry out regulated activities. The appointed representatives in turn have to tell their own clients of thee change in status.
Network Data says that Mortgage Broking Solutions Ltd, the mortgage broking network acquired from the Manchester Building Society in October 2008, is trading as normal.
Network Data had previously informed its appointed representatives that it could not pay the commission owed it owed to them.
Network Data is still trying to sell the mortgage broking network to one of two large financial services companies.
The company hoped to sell its head office for £5m but the sale fell through. Net debt was £4.61m at the end of June 2008 and it could have increased since then. Network Data is talking to its bank about continued support for the business while the mortgage broking network and property are sold. Network Data also owns a loss-making surveying business.
Shares in Network Data slumped 0.625p to 2.375p each, which values the company at £670,000.
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