Silverdell, a UK supplier of asbestos contracting and consultancy services, announced the acquisition of Kitsons, an industrial asbestos contracting business, for £14m.

The deal will be financed by a £4m existing facility with Barclays Bank and £10m from a placing of shares at 150p.

Kitsons provides asbestos removal, insulation and scaffolding services to the nuclear, petrochemical and retail sectors and last year had a turnover of £18.7m. Silverdell, which floated on Aim in April 2006 at 75p a share, shed 1½ to 160½p.

Kitsons was advised by Dow Schofield Watts and Pinsent Masons

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