500 jobs saved in EDS deal
MORE than 500 jobs have been safeguarded following a move by facilities management provider OCS to acquire assets of Yorkshire-based EDS Group out of administration.
OCS, which has revenues of £840m, has acquired certain business and assets of Euro Dismantling Services, EDS Plant Solutions and EDS Group Holdings, subsidiaries of Silverdell, from joint administrators at BDO.
The acquired business units comprise the decontamination, access and insulation and nuclear trading divisions operated by Sheffield-based EDS.
The move by OCS will save over 500 UK jobs in Silverdell, which specialises in providing decontamination and environmental services such as asbestos removal and other decontamination work in high hazard areas and nuclear sites.
According to regulatory news filings with London Stock Exchange, Silverdell encountered financial problems when a subsidiary went into administration in the summer.
OCS was made aware of the opportunity in December and worked over Christmas to undertake due diligence and close the deal. Financial terms were not disclosed.
“The specialist services provided by the acquired business units will complement our core facilities management offering,” said Martin Gammon, chief executive officer for OCS Group UK and Europe.
“This acquisition once again demonstrates our unique ability to move swiftly to secure deals in distressed circumstances.”
Mr Gammon added: “OCS and Silverdell are already serving the same market sectors and, in some cases, the same clients. This acquisition means we will be able to offer both sets of clients a broader set of associated services to help manage their assets and environments from a single point of contact.”
Shares in Silverdell were suspended from AIM on July 2 last year and cancelled on January 2, 2014.
When the shares were suspended in July, Silverdell was valued at over £40m.
The decommissioning business operated within the Silverdell Group has not been sold to OCS.
Andrew Walker, restructuring partner in Irwin Mitchell’s Leeds office, advised OCS on the deal as part of a multi disciplinary team.
