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Paperchase appoints advisers regarding potential sale of business

Card and stationery retailer Paperchase has appointed advisers regarding a potential sale of the business after it received a number of approaches from interested parties.

GENERAL MERCHANDISE

Paperchase appoints advisers regarding potential sale of business

The company said the advisers would conduct a strategic review where options could include the sale of the business.

Timothy Melgund, Paperchase chief executive, said: “Despite some of the challenges on the High Street in recent years, Paperchase has stood out as a clearly differentiated brand, which has grown and expanded both domestically and overseas. We have invested in the store design and estate, in our product, as well as our online offering.

“We have received a number of approaches for the business and decided to appoint financial advisers to consider these in the context of our aspirations to continue to grow and develop the brand.”

In 2010, Paperchase was bought in a management buy-out backed by private equity firm Primary Capital and over the last four years has more than doubled its number of UK stores to 110.

Paperchase is due to release its financial results this week which will show that pre-exceptional EBITDA rose by 27% to £7.3 million in 2013. In addition, group sales rose by 14% to £113.8 million while like-for-like sales edged up 4.4%.

The company said current year trading is strong, with EBITDA ahead of budget.

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