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Network Data in administration

Network Data Holdings has announced to the London Stock Exchange that it has gone into administration

The network, which had its permission revoked by the FSA in April, will now begin to be wound down by Baker Tilly, its appointed administrator.

The Network Data Holdings group owns Network Data and also the Mortgage Broking Solutions Limited network. Network Data was the UK’s largest mortgage-only network with around 380 appointed representatives.

Last week the group sold its IT proposition to Evaluate Technologies, and has been attempting to sell its mansion headquarters for £5m since October 2008. It currently has debts of £4.99m after the collapse of its Home Information Pack proposition, Hipstar.

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