Former CEO Sean Nutley takes to LinkedIn to reveal “truth” of Silverdell collapse.
It is well over two years since the collapse of the Silverdell empire that took demolition firm and group company Euro Dismantling Services (EDS) with it.
But former Silverdell CEO Sean Nutley last night took to the social media platform LinkedIn to “set the record straight”. In a prolonged and unprecedented outpouring, Nutley blames the demise of the company on a banking error that saw HSBC placing the “wrong business” into administration.
According to Nutley, “millions of pounds of shareholders money and millions of pounds of suppliers money wiped out because HSBC sent a representative to a small and no risk court hearing who didn’t understand the instruction, placing (group company) Kitsons into administration without the business, the bank of even the administrators knowing.”
Nutley goes on to describe the confusion when the mistake was recognised some 12 hours later. He claims that HSBC said “we don’t know what you’re so worried about. Kitsons is a dormant company isn’t it?” It wasn’t. It employed 60 staff and turned over revenues of £60 million annually.
Nutley says that Kitsons being placed into administration “was the catalyst for what was the eventual collapse of Silverdell PLC>”
DemolitionNews is currently trying to speak to Sean Nutley to find out more about his claims.
