Steve Porter Transport is officially in administration following the collapse of KNP Logistics Group, it has been confirmed.
As previously reported by Island Echo, fears of significant job losses and a detrimental impact on Island businesses were raised last week when staff arrived at work to be told they wouldn’t be getting paid.
Now, after a weekend of uncertainty and radio silence, it has been confirmed that FRP Advisory Trading Limited has been appointed joint administrators of the haulage firm.
Steve Porter Transport was founded on the Isle of Wight in 1981 and is thought to employ dozens of Islanders, as well as holding many key contracts – including with Red Funnel and the waste company Thalia.
The company, which supplies many large Island business including supermarkets such as Lidl and Aldi and building material companies, was merged with Knights of Old and Nelson Distribution in 2019 before becoming KNP Logistics Group in 2021. Now, just 2 years later, the group which delivers 2.7million pallets annually has collapsed.
A number of staff have already jumped ship to the likes of George Jenkins Transport and Reynolds & Read, but some employees of Steve Porter have been temporarily retained to assist with the administration process.
The administrators will be writing to all known creditors of Steve Porter in due course and will also be making contact with customers as soon as possible. Businesses are asked to await contact prior to making any arrangements regarding the collection of goods at Steve Porter sites.
Enquiries in respect of any other matters relating to Steve Porter should be directed to the administrators at the following email address: [email protected].
Eyes bigger then bank accounts
This is the problem when companies keep buying up others and merge they get so big that they cant sustain themselves
Sad news, there is a Cyber ransome attack back-story out there also with the parent company
How? Surely someone has failed to keep up and allowed this? Bet CEO and top shareholders will walk away with nice parting gift – or is this why it’s collapsed in that someone taken money out of pot ?. Steve Porter has always been good reliable and healthy company in past.
They are a good company unfortunately SPT have been dragged down under Knights of old and last Friday was a surprise for SPTs company Office, hopefully SPT can be sold separately to a local company it has been saved before so third time lucky
For someone that is supposedly a stalwart of his community and the island – I cannot believe Mr Porter didn’t know this was coming. Like so many others, they bury their head in the sand whilst hiding the profits so that they can’t pay redundancies.
Steve sold his worthy local company some years ago. Nothing to do with him today except his name was kept on as it was a strong local brand. The Porter brothers did great things back in the eighties.
My partner works for them but is on long term sick because of the big c. No-one has bothered to contact him to tell him what is going on or where he stands – very very poor.
The CIO and CFO of KNP are at blame for this.
It is 2023. If they had Cyber Insurance and a good InfoSec partner then they would be trading.
Of you run a business and don’t have this provision, let it be a warning. I bet they had a board meeting and said “Nah… we deliver pallets, whose gonna try a Cyber Attack with us”
With GDPR breech liabilities too there is no way back for the legal entity.
Take Cyber Security Seriously Wighters !