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Suspended Silverdell wins bankers' support

16 Jul 13 Silverdell has secured the backing of the HSBC bank to continue trading despite the suspension of its shares and administration of a main subsidiary.

Silverdell announced on 2 July 2013 that it had requested a suspension of trading in its shares on the London stock exchange pending clarification of its financial position.  This followed the appointment of administrators to Kitsons Environmental Europe, one of its principal trading subsidiaries.

In a statement this morning, the company said: “The board is pleased to confirm that discussions with the group's bankers, HSBC, have reached a satisfactory outcome.  HSBC has confirmed that it remains supportive of the business and will be providing additional short term facilities to the group.

“The board also confirms that Kitsons is the only group company which is in administration, and that all other group companies continue to trade as normal.  The board is extremely grateful to the group's employees, customers and suppliers for their patience and forbearance.”

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