Harlow-based company set to go into administration
Business / Thu 2nd Oct 2014 at 07:03pm
More than 300 jobs could be at risk at the store interior company, New Store Europe UK Limited.
Will Wright and Mark Orton from KPMG have been appointed joint administrators to New Store Europe UK Limited, a store interior, shop fitting and design company.
The company is a supplier to a number of high street retailers and employs 307 people at its headquarters in Central Road, Harlow and across its sites in Corby, Bicester and Leicester.
The business will continue to support customers while options for rescuing some or all of New Store Europe UK Limited are explored.
Will Wright, partner at KPMG and joint administrator, said: “The group had recently experienced significant trading difficulties across Europe, culminating in the parent company, New Store Europe AS, entering into insolvency proceedings in Norway on Friday.
“Against this backdrop, the UK business had also come under severe funding pressures.
He added: “Unfortunately, alternative funding outside of the previous parent company arrangements could not be secured in the time available, resulting in our appointment as administrators.
“All staff are currently being retained to enable us to support customers in the short-term, while we seek a buyer for the business and its assets. We would encourage any interested parties to contact the joint administrators as soon as possible.”