NOTE: This content is old - Published: Wednesday, Mar 20th, 2013.
KPMG has been appointed administrators to two groups of companies which are part of the Opal Group, who own the student flats on Vicarage Hill.
KPMG said that the appointment of administrators to the companies does not affect their day-to-day operations.
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. We will make further updates as the case progresses.”
Last week, 13 Opal Group companies entered administration with Ernst & Young.
The Vicarage Hill site contains 156 standard en-suite beds and was built in 2001, and is reportedly leased to Glyndwr University.