Paperchase said to be lining up administrators
By Michele Maatouk
Date: Tuesday 17 Jan 2023
(Sharecast News) - High street stationery chain Paperchase is reportedly lining up administrators amid a race to find new backers.
According to Sky News, the retailer has put professional services firm Begbies Traynor on standby to handle a potential insolvency.
City sources told Sky that Paperchase was continuing to seek a solvent rescue deal, and that Begbies' prospective role represented "sensible contingency planning" in the event that one did not materialise.
A further pre-pack administration was now increasingly likely, they added.
Earlier this month, Sky revealed that Paperchase had been put up for sale just four months after its latest change of ownership. The chain was taken over in August by Steve Curtis, an experienced retail investor who has been involved with Tie Rack and Jigsaw.
It is now being auctioned by accountancy firm PricewaterhouseCoopers (PwC).
Sky said it was unclear how many stores and jobs might be put at risk by another administration process.
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