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.”
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