Silverdell - long awaited announcement
RNS from Silverdell
The Board of Silverdell announces that following the suspension of its shares from trading on 2 July 2013, pending clarification of the Group's financial position, HSBC has sold its debt position of £16 million to Rcapital Partners LLP http://www.rcapital.co.uk/our-team , a turnaround investor and former owner of Little Chef restaurants http://www.rcapital.co.uk/news/ .
As part of the transaction, Silverdell has sold 100% of the share capital of its subsidiaries Redhill Analysts Ltd and RDS Asbestos Management Consultants UK Ltd to Rcapital Partners LLP for a cash consideration of £1, and assuming a debt obligation of £5.5 million. The last audited accounts were as at 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 (Group total £38.2m). This transaction will mean that the remaining Group has…