Fri, 22 Mar 2013 | ADMINISTRATION
Another handful of Opal Group companies have quickly followed the heels of 13 other Opal-owned businesses into administration this week.
David Crawshaw and Rob Croxen of KPMG have been drafted in to six troubled Opal businesses, which own four student accommodation blocks, a private rental property and some land. These are situated in Sheffield, Nottingham, Liverpool, Manchester and Wrexham.
Similarly, an administration procedure is being carried out by Colin Haig and Brian Green at KPMG for another nine companies that also form part of Opal Group, which commenced on Monday 18 March. These companies handle eight student accommodation buildings, two hotels and two private rental properties, mainly situated in the North West. All of these companies are still operating as usual.
Opal, which focuses on providing accommodation for students, was set up by Stuart Wall in 1998.
The operating companies of the group: Opal Property Group Ltd, Opal Property Services Ltd, Opal Trafford Ltd and Opal Estates Ltd are in the hands of administrators from Grant Thornton.
“Opal Group has been unable to sustain its financial commitments in very challenging economic conditions,” David Crawshaw, joint administrator at KPMG, said. “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.”
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