Partner Article

Administrators called in to Salford property company

David Costley-Wood and Brian Green, Restructuring Partners at KPMG, have been appointed joint administrators to Salford Student Homes Limited 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.

The Joint Administrators have appointed Touchstone CPS to manage and maintain the properties, handle all lettings and provide the full range of tenant services on an ongoing basis.

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.”

This was posted in Bdaily's Members' News section by Simon Malia .