David Costley-Wood and Brian Green, Restructuring Partners at KPMG, were on Friday 30 August 2013 appointed Joint Administrators to Salford Student Homes Limited (‘SSHL’) and Joint Receivers over one commercial site and 36 residential properties in Greater Manchester.
The commercial property and 25 of the residential properties were owned by a private individual. The remaining 11 properties were owned by Brentwood Commercial Limited (‘BCL’). All of the sites were operated by estates management business SSHL.
SSHL employed one member of staff, who has been made redundant.
David Costley-Wood, Joint Administrator, Joint Receiver and Restructuring Partner at KPMG, said: “SSHL and the associated properties have been unable to sustain their financial commitments in challenging economic conditions."
“We are committed to minimising disruption to students and tenants and ensuring day-to-day operations across the estate are maintained. The appointment of Touchstone CPS will ensure that the properties continue to attract and support new and existing students across Greater Manchester’s universities."
“We are now in the process of further stabilising operations across the estate and will make further updates as the case progresses.”
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Katy Broomhead, KPMG Corporate Communications
T: 0161 246 4623 / 07824 537963
KPMG Press Office: +44 (0) 207 694 8773
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This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.