Opal Wrexham Limited (04289037): administration
- Status
- Administration ended
- Administration began
- 2013-03-19
- Administrators
- Robert Andrew Croxen, Jane Bronwen Moriarty
- Administrators' firm
- KPMG
- Formerly
- Jetsure Services Limited
- Incorporated
- 2001-09-18
- Location
- Reading
- Industry
- 68201 Renting and operating of Housing Association real estate
From the administrators' statement
The Group was the third largest provider (and largest private provider) of student accommodation in the UK with 52 properties, operating 19,134 student/professional rooms, 224 hotel rooms and a conference centre As well as operating these properties, the Opal Group also constructed new developments, for its own purposes and for third parties
SPVs were set up to own properties Lenders provided debt on an individual basis to these SPVs, using the property within the SPV as security for the lending As a result, there are 12 lenders providing total debt of £887 million to the Group OPG was the managing agent over the Group’s properties, as well as collecting income and settling the trading liabilities of the Group
The Group generated EBITDA of approximately £60 mullion in the year to 30 September 2012 However, as it carried a high debt burden it was not able to continue to service its interest costs and capital repayments
Administrators' statement of proposals (2013-05-22) · Companies House register