Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to the newest version of your browser.

Your browser appears to have cookies disabled. For the best experience of Construction News, please enable cookies in your browser.

Welcome to the Construction News site. As we have relaunched, you will have to sign in once now and agree for us to use cookies, so you won't need to log in each time you visit our site.
Learn more

Essex-based shopfitting specialist enters administration

Essex-headquartered shopfitting specialist New Store Europe UK has entered administration, with KPMG working to save 307 UK jobs.

KPMG was appointed as administrator on 2 October after New Store Europe UK’s parent company entered insolvency proceedings in Norway on 26 September.

The UK business employs 307 people at its headquarters in Harlow, Essex, and across sites in Corby, Bicester and Leicester.

KPMG said all staff had so far been retained while the administrators look for a buyer for some or all of the business and its assets.

New Store Europe provides design, project management, manufacture, logistics and installation services for new and existing stores, according to its website. Its UK customers have included Carphone Warehouse and Boots.

Overall, the group operates in 30 countries and reported a turnover of €210m (£164.8m) in 2012.

KPMG partner and joint administrator Will Wright 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 [26 September].

“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.”

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.