Fears Paperchase will go into administration today
High street stationary chain another retail casualty of Covid pandemic
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Paperchase is reportedly on the brink of going into administration today.
The high street stationary store is expected to appoint insolvency practitioners from Begbies Traynor Group (BTG) imminently.
Discussions are still in place with several potential buyers for the company.
However, insiders told Sky News that the company’s assets will be sold immediately after it falls into administration.
The number of stores and jobs put at risk by the insolvency is not clear at this point.
Earlier this month, Paperchase hired advisers from BTG and PwC to assess options for the future of the company.
It came after the company was put up for sale four months following a change of ownership.
The stationary chain was taken over in August by retail investor Steve Curtis who has previously backed Jigsaw and Tie Rack.
Paperchase also previously fell into administration two years ago, with the closure of 37 stores in January 2021 as a consequence of the pandemic.
After the chain’s last insolvency, Paperchase was owned by Permira Credit.
The company had almost 1,300 employees and traded from more than 125 sites across the UK, including concessions at House of Fraser, Selfridges and many Next stores.
It currently has around 100 stores, with previous plans aiming to increase the number to 150.
The company is one of many businesses that took a hit during Covid-19, such as fast fashion firm Missguided and online furniture retailer Made.com.
Paperchase declined to comment.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments