Administrators appointed to 15 Opal companies

David McCourt

KPMG has been appointed administrators to two groups of companies which are part of the Opal Group.

David Crawshaw and Rob Croxen, restructuring partners at the firm, have been appointed joint administrators to six companies which own four student accommodation buildings, and a private rental building and a land asset located in Sheffield, Nottingham, Liverpool, Manchester and Wrexham.

Colin Haig and Brian Green, restructuring partners at KPMG, were also appointed joint administrators to nine companies which are the part of the Opal Group. These businesses own eight student accommodation buildings, two hotels and two private rental buildings, which are predominantly located in the North West.

KPMG said that in both cases, the appointment of administrators to the companies does not affect their day-to-day operations.

Administrators from Grant Thornton have been appointed to Opal Property Group Limited, Opal Property Services Limited, Opal Trafford Limited and Opal Estates Limited, which are the operating companies of the Opal Group.

The administrators from KPMG will work with the administrators of the operating companies to maintain business as usual at the sites.

David Crawshaw, joint administrator and restructuring partner at KPMG, said: "Opal Group has been unable to sustain its financial commitments in very challenging economic conditions.

"Our primary aim is to avoid disruption or inconvenience to students and tenants at the sites.

"We are now in the process of detailed analysis of the finances of the business, with a view to stabilising their operations. We will make further updates as the case progresses."

Last week, 13 Opal Group companies entered administration with Ernst & Young.

Your Comments

perhaps someone could appoint Opal some decent architects while they’re at it

By krk'

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