KPMG and Grant Thornton have been appointed administrators to more companies that are part of the Opal Property Group.
Administrators from Grant Thornton have been appointed to Opal Property Group, Opal Property Services, Opal Trafford and Opal Estates, which are the operating companies of the Opal Group.
David Crawshaw and Rob Croxen of KPMG have been appointed joint administrators to six companies that own four student accommodation buildings, a private rental building and a land asset located in Sheffield, Nottingham, Liverpool, Manchester and Wrexham.
Separately, Colin Haig and Brian Green from KPMG, were appointed joint administrators to nine companies that are 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 located predominantly in the North West.
Last week Ernst & Young were appointed to 13 divisions within the group.
Crawshaw 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.”
nick.whitten@estatesgazette.com
