Banks seize control of Opal
Opal Property Group is understood to be in the process of being broken up and assets handed to its banks after failing to refinance £886m of debt with 14 lenders.
Manchester-based Opal is one of the biggest student accommodation owners in the country with 20,000 beds and partnerships with 14 universities.
The business, which employed 550 staff according to its annual accounts to 30 September 2012, was founded 25 years ago by Stuart Wall, who retains 100% of its shares …