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Paperchase lines up administrators amid search for rescue buyer

Stationery outfit Paperchase has put administrators on standby as it scrambles to find new financial backers. The beleaguered High street stationer has told corporate restructuring business…

GENERAL MERCHANDISE

Paperchase lines up administrators amid search for rescue buyer

17 January, 2023 | by Angela Beevers

Stationery outfit Paperchase has put administrators on standby as it scrambles to find new financial backers.

The beleaguered High street stationer has told corporate restructuring business Begbies Traynor to be on standby in the event that rescue talks collapse, forcing it into insolvency, according to reports from Sky News.

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The firm has been at the heart of a number of recent headlines, with the retailer securing a rescue deal as recently as January 2021. It was then taken over in August of last year by experienced retail investor Steve Curtis but Curtis himself then put the firm up for sale just four months later, a process being managed by PwC.

A spokesman for Paperchase said this afternoon: “We confirm that we have retained BTG and PWC to advise Paperchase on strategic options, including the sale of the business as a going concern to new owners. Talks are continuing with a number of interested parties.

“All Paperchase stores and the website will continue to trade as normal during this period. We can’t comment further on this process until discussions with interested parties have been concluded.”