Paperchase is forced to call in administrators as High Street stationer faces collapse with more than 100 stores at risk

• Paperchase racing to find rescue buyer months after latest ownership change 
• Stationer joins growing list of high street casualties following the pandemic 
• Paperchase has been experiencing losses for several years 

Paperchase is set to call in administrators as the beleaguered high street chain races to find a rescue buyer just months after its latest change of ownership. 

The stationery outfit, which usually relies on festive trading to boost its sales, has joined the growing list of retail casualties following changing consumer habits on the high street and the long term impact of lockdown measures.

Paperchase has been experiencing losses for several years, which grew from £6.3million to £10million in the year to February 2019, with turnover falling five per cent to £125m.

Paperchase is set to call in administrators as the beleaguered high street chain races to find a rescue buyer just months after its latest change of ownership

Paperchase, which employs hundreds of people and trades from around 100 locations across the UK, had previously boasted of plans to expand the business.

The firm once employed close to 1,300 people and had more than 125 sites across the country – with concessions at Selfridges, Next and House of Fraser – before slumping into insolvency during the pandemic.

It remains unclear at this time how many shops and jobs could be at risk following their latest administration process. 

Despite being auctioned by PricewaterhouseCoopers, the stationary chain is continuing to seek a solvent rescue deal, with pre-pack administration now appearing to be increasingly likely, sources said.

Begbies Traynor, the professional services firm, has been lined up to handle any potential insolvency, Sky News reports. 

The stationery outfit, which usually relies on festive trading to boost its sales, has joined the growing list of retail casualties following changing consumer habits on the high street and the long term impact of lockdown measures

Steve Curtis, an experienced retail investor whose past ventures include high street names such as Tie Rack and Jigsaw, took over the embattled chain in August.

Prior to that, it was bought from American bookseller Borders in 2010 in a £20m management buyout backed by Private equity Primary Capital. It was put on the market in 2015 but failed to receive any suitable offers.

Paperchase’s success dates back to 1968 after it was purchased by art students Eddie Pond and Judith Cash – the latter choosing to purchase the store after rising up to manager and stumping up enough cash to convince the prior owners to sell.

Their store continued to go from strength to strength until they decided to sell in the 1980s. Today, Paperchase is an international chain of stores spanning three continents.

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