Begbies Traynor boosted by collapse of Paperchase and host of insolvencies Restructuring specialist Begbies Traynor Group says its finances have been boosted by the collapse of Paperchase earlier this year. Begbies Traynor was appointed as administrator after the struggling stationery chain failed to secure any buyers. The retailer’s 106 branches could face closure after Tesco agreed to buy the brand but not its stores or workforce. [...]
Paperchase puts administrators on standby – but ‘interested parties’ in talks FOLDING? Stationery outfit Paperchase has put administrators on standby as it scrambles to find new financial backers. Sky News’ Mark Kleinman has reported that Begbies Traynor has been lined up to handle any potential insolvency. The firm has been bruised and battered by the pandemic and changes to the high street, though City sources told Kleinman [...]
Tesco buys Paperchase brand but over 800 jobs remain at risk Retail Tesco has purchased the brand and intellectual property of Paperchase, the supermarket has confirmed, after the embattled stationary company collapsed into administration this morning. However, it has not acquired the chain’s 106 physical stores across the UK and Ireland, leaving 820 jobs at risk. The supermarket will now sell its products in its UK stores. [...]
Paperchase: Struggling stationery chain expected to appoint administrators today – reports January 31, 2023 Paperchase, the high street stationery retailer, is believed to be on the verge of appointing administrators. The chain store’s parent company is reportedly in the process of bringing in insolvency practitioners from Begbies Traynor, according to Sky News. Paperchase’s shareholders are still holding out for a buyer but rumours are they are looking for a [...]
Investment behemoth Hilco Capital joins race to snap up Paperchase July 22, 2022 Former HMV-owner Hilco has joined the race to snap up Paperchase, according to City sources.
Paperchase’s unsecured creditors to receive meagre payment September 7, 2021 Unsecured creditors to Paperchase will receive between 1 and 4 per cent of the £22.6m they were owed following the stationary retailer’s pre-pack administration. The retailer was sold through a pre-pack administration to Permira Debt Managers, which provided funding for the business since 2015. Unsecured creditors will be paid a dividend out of the retailer’s [...]
Shakespeare: Paperchase look set for a stronger 2021 February 10, 2021 Stationary retailer Paperchase has struggled throughout the pandemic, and was at the brink of administration at the start of this year. The chain has now been rescued in a deal which will save 1,000 jobs and 90 of its 125 stores. A Paperchase spokesperson said the coronavirus crisis and the closure of non-essential retail had [...]
Paperchase secures more time in race to avoid collapse January 19, 2021 High street stationary chain Paperchase has secured more time in its race to avoid collapse, after the retailer was forced to line-up administrators due to the negative impact of coronavirus restrictions on sales. The company has filed a second notice of intention to appoint an administrator, giving the firm an additional ten days to negotiate [...]
Retailers in trouble as 51 per cent of punters cut back on clothes shopping July 31, 2023 Retail and hospitality industries continue to be bruised by the UK’s cost of living crisis as 59 per cent of people have cut their spending on eating out and a further 51 per cent have cut spending on clothing. As Brits continue to watch their pennies amid high inflation, figures from Oxera show that in [...]
Paperchase on the brink of collapse as Covid-19 lockdowns hit sales January 5, 2021 Paperchase is on the brink of becoming the first major retail collapse of 2021 after the stationary chain was forced to close stores over Christmas. The retailer has filed a notice of intention to appoint administrators, with PwC lined up to handle proceedings, following the announcement of a third nationwide lockdown. The card retailer, which [...]