Blair Nimmo and Alistair McAlinden of KPMG LLP were appointed Joint Administrators of WFS Technologies Limited on Thursday 16th July 2020. Immediately following their 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 have committed to a £’multi million 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, Joint Administrator and UK Head of Restructuring at KPMG, 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 are 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.”
Peter Sharpe, Chief Executive Officer at CSignum, commented:
“We are pleased to have secured the new funding package from GKFF EnNovo. This opens up exciting opportunities and we are looking forward to growing the business, expanding our product range and continuing to deliver innovate solutions for our customers.”
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About KPMG in the UK
KPMG LLP, a UK limited liability partnership, operates from 21 offices across the UK with approximately 17,600 partners and staff. The UK firm recorded a revenue of £2.40 billion in the year ended 30 September 2019. KPMG is a global network of professional firms providing Audit, Tax, Legal and Advisory services. It operates in 154 countries and has 200,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
About GKFF EnNovo Holdings LLC and WFS Technologies Limited (now CSignum)
CSignum is a pioneer in creating a network of smart, wireless devices configured to provide actionable operational intelligence such as performance, condition and diagnostic insight. aIts new owner, GKFF EnNovo, is a Venture Capital Fund based in Oklahoma, United States. It is owned by a charitable trust, the George Kaiser Family Foundation, with EnNovo Capital LLC acting as investment advisors.
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