Stationery retailer Paperchase has fallen into administration after failing to find any buyers for the business, administrator Begbies Traynor has said. Paperchase had said it was in talks with potential buyers amid reports that the high street retailer was lining up administrators.
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.
Jan Marchant, managing director of home and clothing at Tesco, 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.”
Paperchase said it would “strongly urge” customers to redeem gift cards as soon as possible because they will not be accepted after two weeks.
Begbies Traynor, which was appointed administrator of the stationery retailer on Tuesday, said that it would continue to monitor trading in stores and provide further updates in “due course”.
But all 106 stores will remain open for the time being, the firm said.
Begbies Traynor said in a statement: “On January 21, 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 stationery chain confirmed it has hired advisers from Begbies Traynor Group (BTG) and PwC to assess options for the future of the company. It came after Sky News reported that Begbies Traynor has been put on standby to handle a potential insolvency.
It comes only four months after the retailer was bought by retail veteran 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.
Full list of Paperchase stores
- Altrincham
- Arnotts
- Basingstoke
- Bath
- Battersea
- Belfast
- Berkhamsted
- Beverley
- Birmingham Grand Central
- Birmingham New St
- Birmingham Selfridges
- Bishopsgate
- Bishops Stortford
- Bluewater
- Bracknell
- Braehead
- Brighton
- Bristol
- Bromley
- Bury
- Bury St Edmunds
- Byres Road
- Cambridge
- Canterbury
- Cardiff St Davids
- Cheapside
- Chelmsford
- Cheshire Oaks
- Chester
- Chichester
- Chiswick
- Colchester
- Cribbs Causeway
- Derby
- Dundee
- Dundrum
- Durham
- Edinburgh
- Edinburgh Morningside
- Exeter
- Finchley Road
- Forestside
- Glasgow Buchanan
- Guernsey
- Guildford
- Harrogate
- Henley on Thames
- Hereford
- Hitchin
- Islington
- Jersey
- Kings Cross Station
- Kingston
- Lakeside
- Leamington Spa
- Leeds Commercial Street
- Leicester
- Lewes
- Lincoln
- London Bridge
- Maidstone
- Manchester
- Marble Arch
- Meadowhall
- Merry Hill
- Metro Centre
- Newbury
- Newcastle
- Next Aintree
- Next Birmingham Junction 9
- Next Bolton
- Next Bournemouth
- Next Camberley
- Next Crawley
- Next Enfield
- Next Gloucester
- Next Handforth Dean
- Next Hanley
- Next Ipswich
- Next Kirkcaldy
- Next London Colney
- Next Luton
- Next Maidstone
- Next Manchester Arndale
- Next Norwich
- Next Oxford Street
- Next Plymouth
- Next Selly Oak
- Next Shoreham
- Next Solihull
- Next Straiton
- Next Wolverhamptom
- Next York
- Northcote Road
- Nottingham
- Oxford
- Perth
- Peterborough
- Plymouth
- Putney
- Ringwood
- Rushdean Lakes
- Sailsbury
- Sevenoaks
- Sheffield
- Silverburn
- Solihull
- Southampton
- Staines
- St Albans
- St Andrews
- St Pancras Circle
- St Pancras Station
- Street Outlet
- Swindon
- Taunton
- Telford
- Trafford Centre Selfridges
- Tunbridge Wells
- Victoria Station
- Walton on Thames
- Wandsworth
- Wattington
- Waterloo Station
- Watford
- Whiteley Village
- White Rose Leeds
- Wimbledon
- Winchester
- Windsor
- Woking
- Worcester
- York
- York Outlet
