Tue, 16 Jul 2013 | ADMINISTRATION
Demolition firm Silverdell has received backing from HSBC even though it entered administration earlier this month.
Silverdell, a division of Kitsons Environmental Europe, saw administrators from Zolfo Cooper appointed to manage its affairs, with the team presently crafting a plan to turn its situation around. The remainder of the group is unaffected.
All 750 staff are still retained by Silverdell, though customers have been cancelling work. It is thought about £5 million is owed to creditors.
An update to the situation was released today, asserting: “The Board is pleased to confirm that discussions with the Group’s bankers, HSBC, have reached a satisfactory outcome.
“HSBC has confirmed that it remains supportive of the business and will be providing additional short term facilities to the group.”
The business encountered problems after a winding-up order was raised against Kitsons Environmental Europe.
The business trades as Silverdell and Kitsons Environmental Europe Limited to offer a variety of waste management, waste disposal and demolition services. It operates from ten sites across the UK, and has its head office in Barking, East London.
Joint administrator Peter Saville said at the time of his appointment: “Given the specialist nature of the Company’s operations our immediate priority is to work closely with all stakeholders, in particular the management team, to stabilise the position and agree a route forward.”
Its finances reveal a 103 per cent increase in sales to £63.9 million for the six months to 31 March 2013, with an adjusted operating profit up by 157 per cent to £3.6 million.
Contact the administrator here
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