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.
Administrators from KPMG have been appointed to two groups of companies which are part of the Opal Group.
David Crawshaw and Rob Croxen, restructuring partners at the firm, were today appointed joint administrators to six companies which own four student accommodation buildings, a private rental building and a land asset that are located in Sheffield, Nottingham, Liverpool, Manchester and Wrexham.
Separately, Colin Haig and Brian Green, restructuring partners at KPMG, were appointed joint administrators to nine companies which are the part of the Opal Group on 18 March 2013. These businesses own eight student accommodation buildings, two hotels and two private rental buildings, which are predominantly located in the North West.
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.”
A number of other Opal Group companies are also in administration with insolvency practitioners from other accounting firms.
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Notes to Editors:
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.