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Sun August 14 2022

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Turnaround fund rescues Silverdell

9 Dec 13 Troubled asbestos firm Silverdell has been rescued by turnaround specialist Rcapital, according to a newspaper report.

While neither company has yet made an official statement, The Sunday Times has reported that R capital has taken control of SIlverdell by buying out loans held by HSBC bank.

Rcapital provides funding to businesses in stressed and distressed situations. Silverdell hit the headlines in July when trading in its shares on the London stock exchange was suspended.

Its Kitsons Environmental Europe subsidiary was put into administration and bought back three weeks later by another subsidiary in July, Euro Dismantling Services.

A new finance director was appointed in September, with former May Gurney CFO Mark Hazlewood taking over from Ian Johnson.

In its unsourced report, The Sunday Times said that more than 1,000 jobs at Silverdell would be secured by the rescue deal.

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