David Costley-Wood and Brian Green, Restructuring Partners at KPMG, were on Friday 30 August 2013 appointed Joint Administrators to Salford Student Homes Limited (‘SSHL’) and Joint Receivers over one commercial site and 36 residential properties in Greater Manchester.
The commercial property and 25 of the residential properties were owned by a private individual. The remaining 11 properties were owned by Brentwood Commercial Limited (‘BCL’). All of the sites were operated by estates management business SSHL.
SSHL employed one member of staff, who has been made redundant.
The Joint Administrators have appointed Touchstone CPS to manage and maintain the properties, handle all lettings and provide the full range of tenant services on an ongoing basis.
David Costley-Wood, Joint Administrator, Joint Receiver and Restructuring Partner at KPMG, 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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Katy Broomhead, KPMG Corporate Communications
Tel: 0161 246 4623 / 07824 537963
KPMG Press office: 020 7694 8773
Notes to Editors:
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 12,000 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 156 countries and have 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.