Hundreds of jobs at risk at New Store Europe UK
Fri, 3rd October 2014

Hundreds of jobs at risk at New Store Europe UK

More than 300 jobs are at risk after a store interior, shop fitting and design company, with two of its four bases in Leicester and Corby, entered administration following significant trading difficulties and severe funding pressures.

Will Wright and Mark Orton from KPMG have been appointed joint administrators to New Store Europe UK Ltd, which employs 307 staff at its headquarters in Essex and across sites in Bicester, Corby and Leicester.

Administrators said the business, which supplies to a number of high street retailers, will continue to trade while "options for rescuing some or all of the business 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. 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."

category Midlands  |  source Insider Media