KNP Logistics premises snapped up in multi-million pound sale

Commercial property agents Lambert Smith Hampton (LSH) said its capital markets team had successfully sold the 143,818 sq ft site, which included three interconnected warehouses, two office configurations, a large steel portal-framed canopy and additional undeveloped land.

The site is located in Islip, seven and a half miles from Kettering and positioned close to the A14.

KNP Logistics Group entered administration in September 2023 with a ransomware attack blamed as one of the key reasons for its demise.

More than 700 employees were made redundant.

The group included Knights of Old, Nelson Distribution, Steve Porter Transport and Merlin Supply Chain Solutions.

LSH said significant interest was attracted during its marketing campaign from a range of investors and owner occupiers.

“Following an all-encompassing marketing campaign which resulted in significant interest, we were able to select a party in order to take the transaction forward which resulted in a positive outcome for our client,” said Richard Durkin, LSH director.

The buyer of the Kettering site was not named, but in the last administrator’s report, FRP Advisory said the proposed purchaser had requested a licence to occupy the premises between February and May while the property legals were being undertaken and it arranged funding.

This was agreed and it paid a monthly licence fee of almost £48,000 a month.

“Exchange and completion are expected imminently,” FRP added.

“So as not to prejudice any future sale, in the event that the current purchaser does not complete the transaction, we are unable to disclose details of the purchaser or the agreed sale price at this stage.”