Fri, 03 Oct 2014 | ADMINISTRATION
Interior design company New Store Europe UK Limited has been placed in administration while rescue options are explored.
Will Wright and Mark Orton from KPMG have been appointed joint administrators to the business, which is headquartered in Harlow. The administrators have said that New Store will continue to support existing customers as they assess different avenues for saving some or all of the company.
New Store is a store interior, shop fitting and design company that supplies to a number of high street retailers. It employs 307 people at its Marlow base as well as its sites in Corby, Bicester and Leicester – all of these jobs are said to be at risk.
Will Wright, partner at KPMG and joint administrator, commented: "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.”
He also said that the business had come under severe funding pressures as alternative sources of funds outside of its parent company could not be secured.
He explained: "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.”
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