KPMG was appointed as administrator last week at the firm which has headquarters in Harlow, Essex plus sites in Corby, Bicester and Leicester.

Private equity firms are believed to be circling the firm as it continues to trade in the hope of finding a buyer.

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.

“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.”