Wed, 28 May 2014 | ADMINISTRATION
Robotics company Knight Warner has been forced into administration after an order worth £1.8 million was delayed.
When the substantial order was put on hold, the business was unable to keep up with repayments to creditors. Sarah Bell and Steven Muncaster, partners at Duff & Phelps, have now been appointed as joint administrators to the Chesterfield-based company.
All of Knight Warner’s 31 staff have lost their job but have been paid in full, The Star reported today (28 May). Having closed the business, administrators will now try to find a way of paying the £1.4 million that the company owes to unsecured creditors.
The company made conveying, handling and robotic equipment for sectors including food, beverage, canning and pharmaceuticals.
Last year, Knight Warner received investment from Enterprise Ventures – a venture capital firm – along with other angel investors. The funding totalled £500,000 and was intended to allow the group to build its infrastructure, invest in new products and pursue its strategy of becoming a leader in the robotics sector, both in the UK and abroad.
However, the company fell into financial trouble as stronger competition and deferred projects meant it could not repay its debts. Knight Warner’s future then relied on the aforementioned large order, but this was delayed for reasons outside of the company’s control and administrators were duly appointed.
Jonathan Diggines, chief executive of Enterprise Ventures, commented on the news: “Unfortunately, despite the best efforts of Knight Warner’s management team, these [orders] did not come to fruition and for this reason they decided to appoint administrators.
“Enterprise Ventures focuses on investing in small businesses. However, any investment carries an element of risk and unfortunately not all succeed.”
______________________________________________________________________
Related information:
The latest businesses in administration
Opportunity to acquire a high performing business and long leasehold property operating in the dental and medical sector within London. Offers by: 6 December 2024.
Opportunity to acquire the business and assets of a beverage retailer with stores across England. Offers by: 2 December 2024.
Opportunity to acquire a privately owned Company founded over 40 years ago, operating as one of the leading developers of exceptional residential homes in prime areas of London and Southern England. Offers by 5 December 2024.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.