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Thursday, 21 March 2013

An Opal Group operation that houses Nottingham University students has gone into administration


KPMG has been appointed as administrators for some of the operations of the Opal Group, which is in financial trouble.

The firm runs several student accommodation sites across the country, including one at St Peter's Street, Radford. The site, which is home to 879 University of Nottingham students and has only been open since 2011.

Both the administrators and the university say the block will continue to run as normal.

A university spokesman said: "We want to reassure students that the administrators are continuing to operate this location (Opal Nottingham Ltd) as normal and students will continue to pay their rent as usual.
"Any rents that have been paid in advance by students will be honoured in full.
"The administrators are working with the staff to ensure all services and facilities continue without disruption."

David Crawshaw and Rob Croxen, restructuring partners at KPMG, will oversee the administration.
They have insisted their appointment doesn't affect day-to-day operations.
Mr 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. We will make further updates as the case progresses."

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