Monday, January 20, 2014

News: OCS acquires business and assets of EDS

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OCS, the UK-based total facilities management provider with global revenues of £840m, has acquired certain business and assets of Euro Dismantling Services, EDS Plant Solutions and EDS Group Holdings from Joint Administrators at BDO.

The acquired business units are subsidiaries of Silverdell plc and comprise the Decontamination, Access & Insulation and Nuclear trading divisions operated by EDS. It is unclear what will happen to the construction and property development divisions which have played a significant part in the regeneration of the site of the former Templeborough Rolling Mills in Rotherham.

Silverdell encountered financial problems when a subsidiary went into administration in summer 2013. Shares were suspended from AIM in July and cancelled on 2 January 2014. When the shares were suspended in July, Silverdell Plc was valued at over £40m.

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In December, turnaround investor Rcapital acquired the company's £16m debt and OCS said that it was made aware of the opportunity on 23 December and worked over Christmas to undertake due diligence and close the deal. Financial terms were not disclosed.

In 2004, Euro Dismantling Services and developer Jaguar Estates were appointed by Corus (now Tata Steel) as joint developers for the former Mayer Parry and Rolling Mills sites on Sheffield Road in Templeborough, Rotherham.

EDS undertook large scale decontamination, groundworks break out and land remediation to create development plots on the sites. It resulted in the successful Magna 34 development that is now home to Royal Mail, HS Atec and Grayson Fixings.

Following remediation, EDS established Loxley Land and Property to take the schemes forward.

Silverdell acquired Sheffield-based EDS in 2012 for £18m. Its founder, Andrew McGee has since established the WRD Group which took over the waste processing site at Templeborough last year after previous operators, Sterecycle went in administration.

Silverdell website

Images: EDS Group

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