Silverdell buys back Kitsons

SILVERDELL Plc, the parent company of Warrington-based Kitsons Environmental Europe, has bought it out of administration through another subsidiary.

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.

Silverdell said it had been bought by Euro Dismantling Services, agreeing to pay a maximum of £8m on a deferred basis. All employees will transfer.

According to the group Kitsons, and another subsidiary called Silverdell (UK), reported sales of £51.2m in the year to September 30 and pre-tax profits of £2m.

The company added: “The board is currently undertaking a review of its revised cashflow forecasts with its bank, HSBC in order to secure suitable committed funding for the group prior to seeking to lift the suspension from trading of Silverdell’s shares from AIM. HSBC has indicated its continued support.”