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Mass redundancies as shop fitting contractor is wound up

15 Oct 14 The administrators of failed shop fitting specialist New Store Europe UK have made 231 of the 307 employees redundant after failing to find a buyer.

Will Wright and Mark Orton from KPMG were appointed joint administrators of New Store Europe UK Ltd on 2nd October 2014.

New Store Europe UK came under severe funding pressures after the collapse of its Norwegian parent company New Store Europe AS, which had experienced trading difficulties across Europe.

In the UK, the company worked for several major high street retailers from its headquarters in Harlow, Essex, and across sites in Corby, Bicester and Leicester.

The administrators said that 69 members of staff will be retained in the short-term to help in the winding down of the company. Most of these are based in the Harlow and Corby offices.

KPMG partner Will Wright 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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