Tesco buys Paperchase after stationery chain plunges into administration
31 January 2023, 13:12
Tesco has bought stationery retailer Paperchase after it fell into administration.
The deal is in place for the brand and intellectual property but will not include any of the retailer's 106 stores, meaning hundreds of jobs are at risk.
Paperchase hired administrators from Begbies Traynor on Tuesday morning after the struggling business was unable to secure a rescue sale.
It was placed on the market by retail veteran owner Steve Curtis.
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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."
It came after administrators said: "On January 31, 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."
They added: "The joint administrators will continue trading the company's operations in the short term, with all stores remaining open and trading as normal."
Paperchase also fell into administration two years ago, with the closure of 37 stores.
