Will Wright and Mark Orton from KPMG have been appointed joint administrators to New Store Europe UK Limited, the store interior, shop fitting and design company.
Following the appointment of the joint administrators, the business will continue to support its customers whilst options for rescuing some or all of the business are explored.
Will Wright, partner at KPMG and joint administrator, 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."
“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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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 11,500 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2013. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 155,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
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