HSBC stands by Kitsons’ parent

SILVERDELL Plc, the parent company of Warrington-based Kitsons Environmental Europe, has told investors it still has the support of its bank, HSBC.

Kitsons, a remediation specialist which employs 750 people at 10 locations, was put into administration on July 1 after a winding-up order was filed by creditors.

It trades as Silverdell and Keel and is one of the main businesses of AIM-listed Silverdell Plc whose shares have been suspended.

In a stock market statement Silverdell said: “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 board also confirms that Kitsons is the only group company which is in administration, and that all other group companies continue to trade as normal. The board is extremely grateful to the group’s employees, customers and suppliers for their patience and forbearance.”

Peter Saville, Nick Cropper and Anne O’Keefe at Zolfo Cooper in Manchester are handling the Kitsons case. Earlier in the month Mr Saville said: “We appreciate that this is an unsettling time for all concerned. 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.”