HSBC has sold its debt position of 拢16m to Rcapital Partners LLP, a turnaround investor.
Chairman Stuart Doughty, chief financial officer Mark Hazlewood (who only joined in September) and non-executive directors John Matthews and Mark Watts have all resigned from the business.
Chief executive Sean Nutley remains on the board together with Condatis Ltd, a company wholly owned by Rcapital Partners, which will become a director.
As part of the transaction, Silverdell has sold 100% of the share capital of its subsidiaries Redhill Analysts and RDS Asbestos Management Consultants UK to Rcapital for just 拢1, plus a debt obligation of 拢5.5m.
According to the last audited accounts of 30 September 2012, and these businesses contributed 拢1.5m of operating profit before amortisation and non-recurring items of the group's reported profit before amortisation and non-recurring items of 拢4.6m.聽 The disposed businesses had combined net assets of 拢11.4m (out of a group total of 拢38.2m).
The transaction means that the remaining Silverdell Group has an indebted position with Rcapital of 拢10.5m, on the same terms as were applicable with HSBC.