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Wed November 25 2020

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Silverdell rescue confirmed

11 Dec 13 The board of asbestos specialist Silverdell has confirmed the restructuring of the business, which sees all the non-executives resigning.

HSBC has sold its debt position of £16m to Rcapital Partners LLP, a turnaround investor.

Chairman Stuart Doughty, chief financial officer Mark Hazlewood (who only joined in September) and non-executive directors John Matthews and Mark Watts have all resigned from the business.

Chief executive Sean Nutley remains on the board together with Condatis Ltd, a company wholly owned by Rcapital Partners, which will become a director.

As part of the transaction, Silverdell has sold 100% of the share capital of its subsidiaries Redhill Analysts and RDS Asbestos Management Consultants UK to Rcapital for just £1, plus a debt obligation of £5.5m.

According to the last audited accounts of 30 September 2012, and these businesses contributed £1.5m of operating profit before amortisation and non-recurring items of the group's reported profit before amortisation and non-recurring items of £4.6m.  The disposed businesses had combined net assets of £11.4m (out of a group total of £38.2m).

The transaction means that the remaining Silverdell Group has an indebted position with Rcapital of £10.5m, on the same terms as were applicable with HSBC.

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