Key figures leave amidst debt swap deal.
Industry news site Construction Enquirer is reporting more details of the bail-out plan at asbestos and demolition company Silverdell.
The company has a new owner after bankers HSBC sold its £16 million debt position to turnaround investor Rcapital Partners LLP.
The rescue deal sees Silverdell sell subsidiaries Redhill Analysts Ltd and RDS Asbestos Management Consultants UK Ltd to Rcapital for a token £1 as the new owner takes on a debt obligation of £5.5m.
The remaining Silverdell group companies owe Rcapital £10.5 million and the new owners “will conduct a review to further understand the cash requirements of the remaining Group.”
The deal also sees Stuart Doughty, John Matthews, Mark Watts and Mark Hazlewood resigning as directors of Silverdell plc with immediate effect. Sean Nutley will remain on the board and is sharing in the investment risk and returns with Rcapital.
Read more here.
