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December 10, 2018

Jobs saved at asbestos firm

Jobs saved at asbestos firm


Jobs safe: SilverdellJobs safe: Silverdell (Getty)


MORE than 1,000 jobs at Silverdell, an asbestos clean-up specialist, are to be secured by a rescue deal.

Rcapital, a turnaround fund, stepped in as the troubled company’s bank prepared to pull the plug.

Silverdell was plunged into turmoil in July when trading in its shares was suspended. Listed on London’s junior AIM market, it specialises in clearing asbestos from old industrial sites.

Rcapital has taken control after it bought out loans held by HSBC, Silverdell’s bank, and will begin work on a survival plan over the coming weeks. The deal could be announced to the stock exchange this week.

The share-trading suspension, triggered when one of Silverdell’s subsidiaries was put into administration, is expected to remain in place after the deal with Rcapital. Shares in Silverdell last traded at 12.9p, valuing the company at £40.4m.

It is understood Rcapital will look at a range of options, including a refinancing,

See the original article here – 

Jobs saved at asbestos firm

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