Steve Porter Transport goes into administration

Haulage firm, Steve Porter Transport, founded on the Island in 1981, has gone into administration following the collapse of its parent company, KNP Logistics Group.

The company merged with Knights of Old and Nelson Distribution in 2019 before becoming part of the KNP Logistics Group in 2021.

The company supplies many Island businesses, including supermarkets and building material companies. The latest financial reports, filed with Companies House in May last year, showed that Steve Porter Transport transported almost 80,000 pallets in the previous year. The group had increased its operating profits to £1.59 million, up from £1.5 million the year before, along with an increase in net assets from £1.93 million to £4.68 million. The strategic report said “The group are now well positioned to secure significant additional business.”

On Monday, FRP Advisory Trading were appointed as administrator to deal with the collapse of the group. A statement issued by them revealed that the firm had been the victim of a ransomware attack in June this year, which had left it unable to secure urgent investment in “challenging market conditions”.

FRP said it would “support all affected staff through this difficult time” and that some staff, in Cowes, were still employed “to assist with the administration process” and to contact customers, but this was temporary. Most of the group’s workforce of around 730 employees had been made redundant, although Nelson Distribution’s trade and assets in Derbyshire had been acquired by a rival firm, securing new roles for their 170 staff.

Between 40 and 50 staff were employed by Steve Porter Transport. Red Funnel have issued a statement which said: “Our thoughts are with everyone at Steve Porter Transport and KNP Logistics Group.

“We understand this will cause some nervousness among businesses on the Island.

“Red Funnel is working with other freight distribution partners and Island logistics businesses to ensure the continuity of supply.

“We’re committed to assisting Steve Porter Transport’s customers during this difficult time.”