Home to 900 students is in hands of administrator
RESIDENTS have been told not to panic after the company which runs a huge accommodation block went into administration.
KPMG has been appointed as administrators for some of the operations of the Opal Group, which is in financial trouble.
The firm runs several student accommodation sites across the country, including one at St Peter's Street, Radford.
The site, which is home to 879 University of Nottingham students, has only been open for a year-and-a-half.
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Both the administrators and the university say the block will continue to run as normal.
A university spokesman said: "We want to reassure students that the administrators are continuing to operate this location (Opal Nottingham Ltd) as normal and students will continue to pay their rent as usual.
"Any rents that have been paid in advance by students will be honoured in full.
"The administrators are working with the staff to ensure all services and facilities continue without disruption."
The £48 million development off Ilkeston Road was opened in the summer of 2011.
It comprises eight buildings, a management suite, a gym and eight light industrial units.
According to its website and signs outside the building yesterday, bookings were still being taken for the 2013-14 academic year.
Student Paul Terry, 18, said: "I'm shocked to hear about what's happened.
"I like it here. It's in a great location, near to the bus stop to get into town and to get to campus as well. It has everything you need."
Adam Lamb, 18, added: "I'd recommend it to any students in future years. It's a really good place to be."
David Crawshaw and Rob Croxen, restructuring partners at KPMG, will oversee the administration.
They have insisted their appointment doesn't affect day-to-day operations.
Mr Crawshaw 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."