Salford student property firm in administration
Share:By Chris Barry – Editor, North West
ADMINSTRATORS have been appointed to a North West student property management company.
KPMG restructuring partners David Costley-Wood and Brian Green, Restructuring have been appointed to Salford Student Homes Limited, which traded from 24 The Cresent in the city and operated 36 sites in Greater Manchester.
The company employed one member of staff, who has been made redundant, the administators said.
A third party, Touchstone CPS, has been appointed to manage and maintain the properties, handle all lettings and provide the full range of tenant services on an ongoing basis.
The majority of the the sites, 25, were owned privately, while 11 were owned by a Brentwood Commercial Limited, whose directors Michael Finn and Anne Maria Finn were also directors of Salford Student Homes. While Brentwood Commercial Limited is still trading, its 11 properties are now in receivership, a matter also being handled by KPMG.
Joint administrator David Costley-Wood, said: “SSHL and the associated properties have been unable to sustain their financial commitments in challenging economic conditions.
“We are committed to minimising disruption to students and tenants and ensuring day to day operations across the estate are maintained. The appointment of Touchstone CPS will ensure that the properties continue to attract and support new and existing students across Greater Manchester’s universities.
“We are now in the process of further stabilising operations across the estate and will make further updates as the case progresses.”
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