KNP LOGISTICS GROUP, parent company of haulage company Knights of Old, has gone into administration.
More than 700 employees have been made redundant after administrators Rajnesh Mittal and Philip Armstrong of FRP Advisory Trading Ltd were appointed yesterday (Monday).
The administration follows a ransomware attack on KNP Logistics Group in June that, according to the administrators, caused “significant disruption”.
The group has been trading since 2016 when Knights of Old, based in Kettering, merged with Nelson Distribution Ltd, which includes Steve Porter Transport Ltd and Merlin Supply Chain Solutions Ltd.
KNP Logistics Group directors completed the sale of Nelson Distribution before the company was put into administration. The deal with Cheshire-based logistics company Kinaxia has saved 170 jobs, with all Nelson employees transferring to the new owner.
However, the ransomware attack severely affected KNP Logistics Group’s financial position and its ability to win new investment and funding.
Mr Mittal said: “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.”
A small number of KNP Logistics Group staff have been retained temporarily to assist in the winding down of the business. Administrators will be contacting creditors over the next few weeks. Enquiries should be made to .