Opal Group calls in administrators
Administrators have been called in at Manchester-headquartered property firm Opal Group, as 19 of its companies ask for help.
Restructuring partners at KPMG and Grant Thornton announced on Wednesday they would step in as joint administrators to the firms.
David Crawshaw and Rob Croxen from KPMG will deal the owners of four student accommodation properties, a private rental building and land assets in Sheffield, Nottingham, Liverpool, Manchester and Wrexham.
Colin Haig and Brian Green, also at KPMG, will separately deal with nine companies who own eight student accommodation blocks, two hotels and two private rental building, mainly located in the North West.
Day-to-day operations will not be affected by the administration, according to KPMG and Grant Thornton, who will work together to ensure there are no disruptions.
Grant Thornton administrators have been brought in to deal with Opal Property Group Limited, Opal Property Services Limited, Opal Trafford Limited and Opal Estates Limited which are the operating companies of the Opal Group.
David Crawshaw commented: “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.”