The future of a large Colchester store which opened just three months ago at a key shopping site could be in doubt.

The Home Place Holdings Group, which owns the furnishings and houseware shop the Home Place at Turner Rise Retail Park, has been placed into administration.

The company launched its first superstore in Hendon last year and Trading as the Home Place or the Inventory operated six outlets, including at Lakeside Thurrock and Colchester.

All stores will be put up for sale but continue operating until a buyer is found.

It is hoped the business will be incorporated into an existing business or re-started under new management.

There has been some interest in the firm and it is hoped the 30 jobs at the Colchester branch will be safe.

Administrator Keith Goodman said: "The company had based its operation on the US home furnishings chain stores, which are effectively one-stop shops.

"The concept proved popular in the UK and much-needed working capital was to have been raised from a flotation within the next few months.

"This would have allowed the board to develop the business. However, its brokers considered that current market conditions were not conducive to a successful float and those plans were shelved at short notice.

"This left the company under immense creditor pressure and gave the board no alternative but to file for the protection of administration."

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