Rescue deal hopes dashed for New Store Europe UK
Wed, 15th October 2014

Rescue deal hopes dashed for New Store Europe UK

More than 230 jobs have been lost, including more than 40 in the East Midlands, at New Store Europe UK, which entered into administration earlier this month (October 2014).

Will Wright and Mark Orton from KPMG, who were appointed as joint administrators of the store interior, shop fitting and design company on 2 October 2014, said 69 staff will be retained in the short-term to assist in the winding down process.

A supplier to a number of high street retailers, New Store Europe UK employed 307 staff at its headquarters in Essex, and across sites in Corby, Bicester and Leicester.

Will Wright, partner at KPMG and joint administrator, said: "Over the last 12 days, we have been in discussions with a number of interested parties with a view to securing a going concern sale of the business.

"Unfortunately, we have been unable to secure a sale of any elements of the business to date, and the financial position of the company has meant that we have had to make a significant number of redundancies."

A total of 231 redundancies have been made, including 11 in Bicester, 19 in Corby, 43 in Harlow and 24 in Leicester. Meanwhile, 134 field-based staff have also been let go.

category Midlands  |  source Insider Media