Opal could not support Ocon, say administrators

LOSS-MAKING Ocon Construction filed for administration after its parent, Opal Group, could not bail it out.

That's according to administrators from the accountancy group Mazars who are now handling the affairs of the Manchester business.

Last week Ocon blamed "operational issues" on its main university contracts, but parent Opal has been struggling to refinance £886m of debt with a syndicate of 14 lenders.

In its accounts the directors warned that insufficient support from funders could result in a... For the full story register now for free or login below...