Wed, 24 Jul 2013 | DIVISION SALE
A division of Silverdell has been bought out of administration as part of an internal reorganisation.
The Kitsons Environmental Europe division of the demolition, scaffolding and asbestos specialist has been sold to Silverdell subsidiary EDS. The price for the division has been capped at £8 million and is payable in cash on a deferred basis following the completion of an independent valuation.
The reorganisation means that Kitsons will also now include Silverdell (UK) Ltd, which was previously contained within another group subsidiary.
Zolfo Cooper was appointed as the administrator of the business earlier in the month after trading of the company's shares on the Stock Exchange was suspended. A winding-up order from creditors who were believed to be owed around £5 million by the Kitsons division prompted the problems.
A source from Silverdell told the Construction Enquirer: “It’s been a really tough few weeks but hopefully things can get back to normal now.
“But some serious questions need to be asked about why this happened and how the management make sure it never happens again.”
The sale of the distressed division has allowed the firm to start trading as normal. No employees have been made redundant and all workers and contracts are being transferred across to the new owner.
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Related information:
Silverdell receives support from HSBC despite administration
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