Normal service resumed as Silverdell reshuffles the deck.
UK construction news portal Construction Enquirer is reporting that Silverdell group company Kitsons Environmental Europe division has been rescued from the administrators. According to Construction Enquirer, the company has been sold to fellow Silverdell group company and demolition specialist EDS.
The deal will see no redundancies as all employees and contracts are transferred.
The move means Silverdell is back trading as normal following a turbulent few weeks.
Administrators from Zolfo Cooper were called-in at Kitsons earlier this month following the suspension of trading in Silverdell shares on the Stock Exchange.
The administration was prompted by a winding-up order after creditors were believed to have been owed £5m by Kitsons.
The Zolfo Cooper team have been working on a turnaround plan which has resulted in the EDS deal.
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