Fri, 22 Mar 2013 | ADMINISTRATION
Another handful of Opal Group companies have quickly followed the heels of 13 other Opal-owned businesses into administration this week.
David Crawshaw and Rob Croxen of KPMG have been drafted in to six troubled Opal businesses, which own four student accommodation blocks, a private rental property and some land. These are situated in Sheffield, Nottingham, Liverpool, Manchester and Wrexham.
Similarly, an administration procedure is being carried out by Colin Haig and Brian Green at KPMG for another nine companies that also form part of Opal Group, which commenced on Monday 18 March. These companies handle eight student accommodation buildings, two hotels and two private rental properties, mainly situated in the North West. All of these companies are still operating as usual.
Opal, which focuses on providing accommodation for students, was set up by Stuart Wall in 1998.
The operating companies of the group: Opal Property Group Ltd, Opal Property Services Ltd, Opal Trafford Ltd and Opal Estates Ltd are in the hands of administrators from Grant Thornton.
“Opal Group has been unable to sustain its financial commitments in very challenging economic conditions,” David Crawshaw, joint administrator at KPMG, said. “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.”
____________________________________________________________________________
Related articles:
Opal Group in administration - Thursday, 14 March 2013
How to profit from buying distressed businesses
The company possesses up to 50 vans in stock on-site, with an indoor and outdoor showroom allowing it to fully showcase its stockholding. The business offers full dealer facilities, including arranged finance, optional breakdown cover and part-exchan...
LEASEHOLD
Luxury public service hire business for sale situated in the South West due to retirement. The business supplies refined and standard lavatory trailers to the event market.
The business publishes a fortnightly print and digital magazine, covering UK and international engineering industry news, machinery updates, financial insights, and company profiles. With a readership exceeding circa 45,000 globally, including 20,000...
07
|
May
|
In vitro diagnostics regulatory consultancy acquired by listed firm | BUSINESS SALE
Abingdon Health, a listed diagnostic test manufacturer based...
07
|
May
|
UK administrations update: April 30 – May 7 | ADMINISTRATION
Since our last update, the following businesses have been co...
07
|
May
|
Plant and vehicle hire group acquired out of administration | BUSINESS SALE
A Leicestershire-based supplier of specialist plant and vehi...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.