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Another 15 Opal Group companies enter administration

KPMG has been appointed administrators of two further groups of companies from the Opal Group property development business.

The six companies own four student accommodation buildings, a private rental building and a land asset in Sheffield, Nottingham, Liverpool, Manchester and Wrexham.

KPMG are also acting as administrators for nine Opal Group companies that own eight student accommodation blocks, two hotels and two private rentals, located in the North West.

David Crawshaw and Rob Croxen are administrators for the first group, while Colin Haig and Brian Green have been appointed to the second.

KPMG stressed that neither appointment affected the day-to-day operations of the firms.

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

Administrators from Grant Thornton have also been appointed to the operating companies of Opal Group - Opal Property Group Ltd,opal Property Services Ltd, Opal Trafford Ltd and Opal Estates Ltd.

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.”

 

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