Kettering logistics firm enters administration with 730 jobs lost

Kettering-based Knights of Old was founded in 1865

A logistics and training firm targeted by a "significant" cyber attack has entered administration.

Kettering-based KNP Logistics Group was the parent company of the 158-year-old haulage firm Knights of Old.

It suffered a major ransomware attack in June which affected key systems, processes and financial information.

Joint administrators Rajnesh Mittal and Philip Armstrong of FRP Advisory Trading Limited said about 730 employees would be made redundant.

They said June's cyber attack had damaged KNP Logistic Group's financial position and its ability to secure additional investment and funding.

KNP Logistics Group was formed in 2016 when Knights of Old merged with Derby-based Nelson Distribution Limited, including Isle of Wight-based Steve Porter Transport Limited and Merlin Supply Chain Solutions Limited, located in Islip and Luton.

All but 170 of the group's employees have been made redundant, with the exception of Nelson Distribution Limited - which has been sold - and a small group of staff retained to assist in the winding-down of its operations.

Knights of Old started out as a single horse and cart in 1865 and is one of the UK's largest privately owned logistics companies.

Joint administrator, Mr Mittal, 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 said they would contact the group's creditors as soon as possible.