Paperchase close to collapse
Paperchase is close to collapsing into administration as hopes of a rescue deal fade.
It was reported two weeks ago that the struggling stationery retailer may go into administration less than six months after a previous buy-out.
According To Sky News, the retailer’s parent company could appoint insolvency practitioners from Begbies Traynor as soon as today.
The news site said Paperchase’s shareholders are currently in discussions with more than one potential buyer but added that “insiders” had told it that any acquisition would now likely be a pre-pack deal.
In August, Paperchase was bought by a group led by Steve Curtis who is also chair of the Jigsaw fashion chain. Prior to that, it was rescued from administration in January 2021 by a newly formed company called Aspen Phoenix, which was backed by private equity firm Permira.
Paperchase employs over 800 staff and has around 100 stores.
