Paperchase goes into administration: 106 stores at risk
The stationery outlet has stores across the UK
Last updated 31st Jan 2023
High street stationery retailer, Paperchase, has fallen into administration, putting the future of its 106 stores at risk.
The company, which employs hundreds of workers, has appointed administrators from Begbies Traynor to oversee the insolvency process.
It comes after Paperchase failed to secure a buyer after being placed on the market by retail veteran owner Steve Curtis.
The administrators said: "On January 31, Mark Fry, Kirstie Provan and Gary Shankland, of Begbies Traynor, were appointed as joint administrators of Aspen Phoenix Newco Limited, which trades as Paperchase.
"Unfortunately, despite a comprehensive sales process, no viable offers were received for the company, or its business and assets, on a going concern basis.
"However, there has been significant interest in the Paperchase brand and attendant intellectual property.
"The joint administrators will continue trading the company's operations in the short term, with all stores remaining open and trading as normal."
The company has stores all over the UK.
Tesco has bought the Paperchase brand and intellectual property after the stationery chain entered administration.
However, the supermarket chain's deal for the business will not include any of the retailer's 106 stores and is therefore expected to impact hundreds of jobs.
Managing director of home and clothing at Tesco, Jan Marchant, said: "Paperchase is a well-loved brand by so many, and we're proud to bring it to Tesco stores across the UK.
"We have been building out plans to bring more brands and inspiration to the ranges we currently offer, and this will help us to take those plans further.
"We look forward to sharing more with our customers in due course."