Student lettings business goes into administration

A student lettings business has collapsed into administration shortly before the start of the new academic year.

Administrators from accountancy and business advisory firm KPMG have been appointed to continue operating Salford Student Homes.

David Costley-Wood and Brian Green, restructuring partners at KPMG, have been appointed joint receivers over one commercial site, 25 residential properties owned by a private individual and 11 properties owned by Brentwood Commercial.

All were managed by Salford Student Homes, but will now be managed by Touchstone CPS, appointed by the administrators.

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.”

Touchstone, a supporter of the SAFEagent scheme, has ARLA credentials and won Property Manager of the Year in this year’s Resi awards, run by Property Week magazine.