Asbestos and demolition giant to be broken up and sold to highest bidders.
Rcapital, the turnaround specialist that recently rescued Silverdell from the brink of administration, is planning to break up the company and to sell the constituent parts to the highest bidder.
According to a report in the Sunday Times, BDO has been brought in to oversee the sales process of the four main businesses. It is unclear what this will mean for the 1,000 jobs across the Silverdell group.
Presumably linked to this is the news that at least one credit reference company has flagged Silverdell group company Euro Dismantling Services (EDS) confirming that the directors “filed a notice of intent to appoint an administrator” on 16 December 2013″.
Silverdell’s woes began in July, just over a year after it acquired EDS, when the company applied to have trading in its shares suspended. It later transpired that this was triggered by the threat of administration of one of its group companies, Kitsons Environmental.
Both Silverdell and Kitsons were to bounce back later in the same month when the parent company won the backing of bankers HSBC, although that rescue failed to prevent the departure of EDS group MD Darren Palin.
Most recently, Rcapital took control of the company after buying £26 million worth of loans held by HSBC. Within just a few weeks, Rcapital purged the Silverdell board and allowed Canadian demolition division EDS Decommissioning Canada Inc to slide into voluntary bankruptcy.
