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231 redundancies at insolvent shop fitter 15 October 2014

Administrators have announced 231 redundancies at the insolvent store fitting and design company, New Store Europe UK Limited.

Will Wright and Mark Orton of KPMG were appointed as joint administrators of the company on 2 October.

New Store suffered funding obstacles as a result of its parent company also entering insolvency proceedings in Norway. Alternative funding could not be secured in time, leading to the company entering administration earlier this month.

New Store Europe UK operated as a design and fitting supplier to a number of high street retailers.

Administrators have now confirmed 231 of the company’s 307 employees have been made redundant, with 69 staff retained “in the short-term to assist the administrators in the winding down of the company.”

Wright, partner at KPMG, 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.”

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