Administrators from Zolfo Cooper are now running the company following suspension of trading in Silverdell shares on the Stock Exchange on Monday.

Company sources told the Enquirer that staff are confident the business will continue trading with Zolfo Cooper set to unveil a turnaround plan.

A winding-up order against the firm’s trading subsidiary Kitsons Environmental Europe is believed to have caused the current problems.

One insider told the Enquirer: “A supplier took us to court which had had a knock-on effect.

“We have masses of work and people are confident that we can get through this.

“Zolfo Cooper have been in for a couple of days and are due to announce their plans for the business shortly.”

A Zolfo Cooper statement said: “Trading as both Kitsons Environmental Europe Limited and Silverdell, the Company provides a range of waste management, waste disposal and demolition services.

“The Company currently employs approximately 750 full time staff, operating from 10 locations throughout the UK and is headquartered in Barking, East London.

“The Company was placed into Administration following action taken in the High Court by certain creditors of the Company.”

Peter Saville, Joint Administrator said: “We appreciate that this is an unsettling time for all concerned.

“Given the specialist nature of the Company’s operations our immediate priority is to work closely with all stakeholders, in particular the management team, to stabilise the position and agree a route forward.”

The administration is not believed to affect the Silverdell plc holding company which is why no update has been made to the Stock Exchange since Monday’s share suspension.

Latest results for the six months to March 31 2013 showed revenue up 103% at £63.9m (2012:£31.4m) and adjusted operating profit up 157% at £3.6m (2012: £1.4m).