KPMG appointed administrators of WFS Technologies Limited
Blair Nimmo and Alistair McAlinden of KPMG have been appointed joint administrators of Livingston-based WFS Technologies Limited.
Immediately following the appointment, the entire business and its assets were immediately sold to GKFF EnNovo.
Based in Livingston, WFS was established in 2003 and designs and manufactures internet-enabled wireless devices capable of operating in deep subsea conditions. It has a blue-chip customer client base, primarily in the oil & gas and renewable sectors, who utilise WFS devices to monitor performance of subsea assets.
WFS has suffered losses in recent years, incurring significant research and development costs to create its unique product range. Slow sales growth and funding requirements have been exacerbated by Covid-19 and the subsequent volatility in oil and gas prices.
The directors sought to tackle these challenges via cost control measures and launched a process to secure additional investment to support the next phase of growth and stabilise finances.
Whilst, unfortunately, no party was identified who was prepared to provide investment or funding to the Company, it was possible to preserve the business via the appointment of Joint Administrators who completed a sale to GKFF EnNovo.
In addition to acquiring the business, GKFF EnNovo has committed to a multi-million-pound investment which, under the new branding of CSignum, it is anticipated will allow the product range continue to develop and secure the future of high technology jobs in West Lothian.
Blair Nimmo said: “We are delighted to have successfully completed a sale to GKFF EnNovo, protecting 19 jobs and safeguarding the technology and intellectual property developed. GKFF EnNovo is committed to the future success of the business and this acquisition will provide the new owners with a fantastic base from which to drive CSignum forward. I wish them every success for the future.”