Student Developer Opal Estates crumbling under debts of almost £900 million
Opal Property Group, the Manchester-based student accommodation developer founded by Stuart Wall, has seen Ernst & Young appointed as administrators of the firms today to 13 of it’s subsidiary companies.
The remaining 54 Opal companies, which own nearly 30 properties between them, have not been affected.
The firm has a debt pile of almost £900 million, and it’s profits last year of £55.4 million were almost swallowed up by the debt servicing costs of £53 million …