Rescue investor arrives as more staff head for the exit.
Silverdell, the asbestos giant that owns Euro Decommissioning Services (EDS) has reportedly secured a rescue deal designed to safeguard more than 1,000 jobs.
The company was plunged into turmoil in July when trading in its shares was suspended. Listed on London’s junior AIM market, it specialises in clearing asbestos from old industrial sites.
Rcapital – the company behind the rescue of troubled roadside dining chain Little Chef – has taken control after it bought out loans held by HSBC, Silverdell’s bank, and will begin work on a survival plan over the coming weeks. The deal could be announced to the stock exchange this week.
The share-trading suspension, triggered when one of Silverdell’s subsidiaries was put into administration before being bought back by EDS, is expected to remain in place after the deal with Rcapital. Shares in Silverdell last traded at 12.9p, valuing the company at £40.4 million.
It is understood Rcapital will look at a range of options, including a refinancing, fresh capital, and a break-up.
However, DemolitionNews understands that this is only a part of the story. On 16 October, we exclusively revealed that EDS group MD Darren Palin had left the company. More recently, Silverdell’s interim managing director Phil Farnworth has also departed for pastures new. And according to a number of industry sources, several more members of the EDS stable are also heading for the exit.
