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Retail supplier in administration with 300 jobs at risk 3 October 2014

A store fitting and design company acting as a supplier to high-street retailers has entered administration, putting over 300 jobs at risk.

New Store Europe UK Limited, the UK trading subsidiary of New Store Europe AS, entered administration after experiencing funding obstacles as a result of its parent company also entering insolvency proceedings in Norway.

The company, headquartered in Harlow, also operates from sites in Corby, Leicester and Bicester.

Will Wright and Mark Orton were appointed as joint administrators to the company.

Wright, partner at KPMG, 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.”

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