More than 500 jobs have been saved after facilities management provider OCS Group bought the assets of EDS Group out of administration
OCS, which has global revenues of £840m, has acquired certain business and assets of Euro Dismantling Services, EDS Plant Solutions and EDS Group Holdings, which are subsidiaries of Silverdell, from joint administrators at BDO.
The acquired business units comprise the Decontamination, Access & Insulation and Nuclear trading divisions operated by Sheffield-based EDS.
Silverdell specialises in providing decontamination and environmental services such as asbestos removal and other decontamination work in high hazard areas and nuclear sites.
According to regulatory news filings with London Stock Exchange, Silverdell encountered financial problems when a subsidiary went into administration in summer 2013. Shares were suspended from AIM in July, when the company was valued at over £40m, and cancelled earlier this month.
Martin Gammon, chief executive officer for OCS Group UK and Europe, said: “The specialist services provided by the acquired business units will complement our core facilities management offering.”
He added: “This acquisition once again demonstrates our unique ability to move swiftly to secure deals in distressed circumstances.”
The Decommissioning business operated within the Silverdell Group has not been sold to OCS.
Andrew Walker, restructuring partner in Irwin Mitchell’s Leeds office, advised OCS on the deal as part of a multi-disciplinary team.