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Silverdell buys back Kitsons

26 Jul 13 Three weeks after putting it into administration, Silverdell has bought back its Kitsons Environmental Europe subsidiary.

The acquisition was actually made by another Silverdell company, Euro Dismantling Services (EDS), which Silverdell bought last year.

The Kitsons business will operate as a separate division of EDS rather than merged into it, but the two businesses will share overheads.

EDS is paying a maximum of £8m for Kitsons, although this might be less once an independent valuer has been through the books.

As a result of an internal reorganisation the Kitsons business includes the business previously contained within another group subsidiary, Silverdell (UK) Ltd.  For the financial period ending 30 September 2012 these two subsidiaries reported revenue of approximately £51.2m in aggregate and pre-tax profit of £2.0m.

Along with this corporate reorganisation, Silverdell is also considering its options for a financial restructuring. The board is reviewing of its revised cashflow forecasts with its bank, HSBC. In the meantime, trading of Silverdell's shares remains suspended. It will seek to have this suspension lifted once the financial restricting is sorted.

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