GKFF EnNovo acquires WFS
WFS Technologies, a provider of internet-enabled wireless devices capable of operating in deep subsea conditions, has been acquired by GKFF EnNovo, following the appointment of KPMG as its administrators.
Blair Nimmo and Alistair McAlinden of KPMG were appointed joint administrators of WFS on Thursday. Immediately following their appointment, the entire business and its assets were sold to GKFF EnNovo.
WFS has suffered losses in recent years, incurring significant research and development costs to create its product range. Slow sales growth and funding requirements have been exacerbated by Covid-19 and the subsequent volatility in oil and gas prices.
In addition to acquiring the business, GKFF EnNovo has committed to a multi million pound investment which, under the new branding of CSignum, will allow the product range to continue to develop and secure the future of 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 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.”
Peter Sharpe, chief executive officer at CSignum, added: “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.”