A logistics and training group with operations on the Isle of Wight, which traded under the KNP, Knights of Old, Nelson Distribution, Steve Porter Transport and Merlin brands, has released an updated statement after entering administration.
Raj Mittal and various colleagues of specialist business advisory firm, FRP Advisory, were appointed as Joint Administrators of the main trading entities in the Group yesterday (Monday).
The move has seen dozens of Island based workers facing redundancy after Cowes based Steve Porter Transport was hit by the news.
In June 2023, the Group suffered a major ransomware attack which affected key systems, processes and financial information.
The Group is made up of five key entities;
Knights of Old Limited, KNP Logistics Group Limited, Nelson Distribution Limited, Steve Porter Transport Limited and Merlin Supply Chain Solutions Limited.
All of the entities have entered administration.
With the exception of Nelson Distribution Limited, unfortunately the majority of the Group’s employees have been made redundant with a small group being temporarily retained to assist in the winding-down of operations.
Regrettably, approximately 730 employees will be made redundant.
A sale of the Nelson Distribution business and its assets was completed by the directors prior to the Company entering administration with about 170 employees transferring to the purchaser.
Raj Mittal of FRP Advisory and Joint Administrator, said:
“Despite being one of the UK’s largest privately owned logistics group, KNP fell victim of a ransomware attack earlier this year that caused significant disruption.
“Against a backdrop of challenging market conditions and without being able to secure urgent investment due to the attack, the business was unable to continue. We will support all affected staff through this difficult time.”
The Administrators will be contacting creditors in due course.
Enquiries from customers and interested parties can be directed to the relevant divisions at:
[email protected]
nelsondistribution@
[email protected]
[email protected]
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