Kitsons (which is part of Silverdell (UK) Limited) who specialist in demolition, scaffolding, and asbestos, has been bought out of administration by Euro Dismantling Services Group Holdings (EDS) for £8 million.
The administration was prompted by a winding-up petition from trade creditors believed to have been owed £5 million by Kitsons. The administrators’ team has been working on a recovery plan which has resulted in the deal with EDS to rescue the company from administration.
Silverdell had requested that trading of it’s shares be suspending pending clarification of the group’s financial position. The sale of the company has allowed Kitsons to resume trading following a troubled few weeks when trading of company shares in the Stock Exchange was suspended.
One Silverdell source stated the following:
‘It’s been a really rough few weeks but hopefully things can get back to normal now. Some serious questions need to be asked about why this happened and how the can management make sure in never happens again.
Talks are now underway between Silverdell and HSBC concerning the refinancing of the Silverdell’s assets, which include lifting the suspension of the company’s shares.