Paperchase collapses into administration with 106 stores and 820 jobs at risk
Card and stationery retailer Paperchase has collapsed into administration putting 820 jobs and 106 stores at risk.
Aspen Phoenix Newco Limited, which trades as Paperchase, said “despite a comprehensive sales process” no viable offers were received.
The insolvency practitioners from Begbies Traynor have been appointed as administrators.
Paperchase stores will remain open and trading as normal for now with shoppers urged to spend their gift cards as soon as possible.
The administrators confirmed there “has been significant interest in the Paperchase brand and attendant intellectual property”.
It comes after it was reported today that Tesco was a front-runner and to save the stationary chain in a pre-pack administration deal.
Bath Chronicle)
A statement from Begbies Traynor said: “On 31 January 2023 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 administrators confirmed that Paperchase will “continue to honour gift cards” for the foreseeable.
However, it “strongly urged” customers to redeem these “as soon as possible” as redemption will not be possible after 2 weeks.
Paperchase, which specialises in gifts and stationery, was close to falling into administration in January 2021 but was rescued by Aspen Phoenix Newco, which was backed by Permira Debt Managers.
This last pre-pack administration deal saved around 1,000 jobs but around 270 jobs were lost as Paperchase had to permanently close 27 of its sites.
A pre-pack administration is a procedure that allows an insolvent company to sell its assets as soon as an administrator is appointed.
Paperchase changed hands again in August last year by the retail entrepreneur Steve Curtis, chair of the fashion chain Jigsaw, who was backed by Retail Realisation.
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