Accountants from Zolfo Cooper were appointed earlier this month at the Kitsons Environmental Europe division following the announcement that trading in Silverdell shares would be suspended.

The Zolfo Cooper team is currently working on a turnaround plan for the business.

The Enquirer understands that no redundancies have been made among Silverdell’s 750 staff but clients have been cancelling jobs.

Creditors are believed to be owed £5m by the Kitsons division.

An update to the Stock Exchange this morning said: “The Group announced on 2 July 2013 that it had requested a suspension of trading in Silverdell’s shares pending clarification of the Group’s financial position.

“This followed the appointment of administrators to Kitsons Environmental Europe Limited (“Kitsons”), one of the Group’s principal trading subsidiaries.

“The Board is pleased to confirm that discussions with the Group’s bankers, HSBC, have reached a satisfactory outcome.

“HSBC has confirmed that it remains supportive of the business and will be providing additional short term facilities to the Group.

“The Board also confirms that Kitsons is the only Group company which is in administration, and that all other Group companies continue to trade as normal.

“The Board is extremely grateful to the Group’s employees, customers and suppliers for their patience and forbearance.”