Several Opal companies, including Ocon Construction, went into administration earlier this month. More have now followed.
David Crawshaw and Rob Croxen, restructuring partners KPMG, have now been 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, KPMG partners Colin Haig and Brian Green were appointed joint administrators to nine companies that are the part of the Opal Group on Monday 18 March. These businesses own eight student accommodation buildings, two hotels and two private rental buildings, which are predominantly located in the northwest.
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 Ltd, Opal Property Services Ltd, Opal Trafford Ltd and Opal Estates Ltd, 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.”
A number of other Opal Group companies are also in administration with insolvency practitioners from other accounting firms.
Opal was founded in 1998 by Stuart Wall to develop student accomodation.
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