Paperchase is in talks with a possible buyer, the company has confirmed. It comes after reports claimed the company is lining up administrators.
The high street chain said it has hired advisers from Begbies Traynor Group and PwC to assess its future. Sky News reported earlier today that Begbies Traynor has been put on standby to act on its potential insolvency.
The company could be sold as part of a pre-pack administration deal. But Paperchase has stressed it is still considering a solvent sale as a going concern and said it is in talks with a number of possible buyers.
A spokesperson for the company said: “We confirm that we have retained BTG and PwC to advise Paperchase on strategic options, including the sale of the business as a going concern to new owners. Talks are continuing with a number of interested parties.
“All Paperchase stores and the website will continue to trade as normal during this period. We can’t comment further on this process until discussions with interested parties have been concluded.”
Paperchase previously entered administration two years ago and closed 37 stores as a result. Just four months ago the business was bought by retail veteran Steve Curtis, who has previously bought Jigsaw and Tie Rack.
