HSBC supports Kitsons acquisition

SILVERDELL Plc has agreed a £5m facility with HSBC to allow it to complete the acquisition of Warrington-based Kitsons Environmental Europe.

Silverdell, which was Kitsons’ parent company, last month agreed to buy it out of administration through another subsidiary, Sheffield-based Euro Dismantling Services.

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. 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.

London-based Silverdell Plc said: “The group is currently assessing the impact of the administration on its trading performance and therefore the capital requirements of the business for the remainder of 2013 and for 2014 in order to work towards lifting the suspension from trading of the group’s shares.”