Paperchase on the brink of administration

The popular stationary store, which has a shop in Aylesbury is on the brink of administration, the Bucks Herald learns.

Wednesday, 6th January 2021, 10:25 am
Updated Wednesday, 6th January 2021, 10:30 am
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It could be the first casualty of 2021 as the High Street faces another bleak year of trading.

If the firm collapses it will put 1,500 jobs at risk.

The stationery chain, which has 127 stores including one in Aylesbury and 46 concessions, confirmed it had filed a notice to appoint administrators from PwC.

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Paperchase had undergonea company voluntary arrangement (CVA) in March 2019 to help ease cost burdens on the business.

This was before the Coronavirus pandemic.

A spokesman said: "The cumulative effects of lockdown 1.0, lockdown 2.0 - at the start of the Christmas shopping period - and now the current restrictions have put unbearable strain on retail businesses across the country.

"Paperchase is not immune despite our strong online trading.

"Out of lockdown we've traded well, but as the country faces further restrictions for some months to come, we have to find a sustainable future for Paperchase.

"We are working hard to find that solution and this NOI (Notice of Intent to appoint administrators) is a necessary part of this work. This is not the situation we wanted to be in.

"Our team has been fantastic throughout this year and we cannot thank them enough for their support."