Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

WFS Technologies bought by US fund after hitting the wall

WFS's Seatooth product
WFS's Seatooth product

Award-winning Scottish subsea gadget firm WFS Technologies has been bought out of administration in a so-called “pre-pack” deal, saving 19 jobs.

GKFF EnNovo, an Oklahoma-based venture capital fund, snapped up the entire business and assets of WFS immediately following the appointment of joint administrators from KPMG.

The buyer — owned by the George Kaiser Family Foundation charitable trust — vowed to make multimillion-pound investments in Livingston-based WFS, which has now been renamed CSignum.

KPMG said the rescued firm suffered losses in recent years after making hefty investments in the development of its wireless subsea infrastructure monitoring devices.

The Covid-19 outbreak and crude price slump made securing sales and funding more difficult for WFS.

It was established in 2003 by Brendan Hyland, who held the chief executive role until earlier this year, when he was replaced by Peter Sharpe.

Mr Hyland remained a shareholder in the business, which won Oil and Gas UK’s business innovation accolade in 2019.

Documents published by Companies House show GKFF EnNovo held almost 370,000 series “a” shares in WFS as of April 2019, and was a bond and floating charge holder.

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.”

Mr Sharpe said: “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.”

Pre-pack administrations are controversial because creditors can lose out as some debts are scrapped.

More from Energy Voice

Latest Posts