Administration of New Store Europe UK Limited: Update
The joint administrators of New Store Europe UK Limited, the store interior, shop fitting and design company, have today announced a total of 231 redundancies.
Will Wright and Mark Orton from KPMG were appointed joint administrators of New Store Europe UK Limited on 2 October 2014. A supplier to a number of high street retailers, New Store Europe UK Limited employed 307 people at its headquarters in Harlow, Essex, and across sites in Corby, Bicester and Leicester.
69 members of staff will be retained in the short-term to assist the administrators in the winding down of the company.
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.”
Employment specialists from KPMG’s restructuring practice will be ensuring the employees are supported in claiming redundancy, notice pay and arrears of holiday pay from the government’s Redundancy Payments Office.
