Paperchase, the excessive avenue playing cards and stationery retailer, has been put up on the market simply 4 months after its newest change of possession.
Sky News has learnt that the chain, which was taken over in August by Steve Curtis, an skilled retail investor, is being auctioned by PricewaterhouseCoopers (PwC), the accountancy agency.
Mr Curtis, who led investments in chains akin to Tie Rack and has been an working companion at Rcapital, the turnaround agency, is known to be searching for to shut a sale within the coming weeks.
Several sources stated an insolvency course of could also be required to expedite a transaction.
Retail Realisation, an business advisory agency with which Mr Curtis and Rcapital are affiliated, was additionally concerned in final summer season’s deal.
Paperchase had beforehand develop into one of many quite a few retail casualties of COVID-19, having undergone a pre-pack administration in January 2021.
Paperchase trades from about 100 shops, and Mr Curtis was stated on the time of the newest takeover to be backing an current administration plan to develop that quantity to roughly 150 within the coming years.
Permira Credit, the earlier proprietor, had invested in Paperchase’s digital providing in addition to new store openings and government recruitment since its brush with administration.
At the time of its final brush with insolvency, Paperchase employed almost 1300 folks, and traded from greater than 125 websites throughout the UK.
Its shops included concessions at House of Fraser, Selfridges and plenty of Next shops.
Last summer season, its bodily retail property comprised 96 standalone retailers and 32 concessions.
The plan to develop the chain by 50% was a daring wager on the potential of the Paperchase model and enterprise mannequin given the difficult financial backdrop.
Paperchase was one in all dozens of outstanding retailers which crashed into insolvency throughout the COVID-19 disaster, with different notable names together with Debenhams and the Dorothy Perkins-to-TopShop empire, Arcadia Group.
A Paperchase spokesman couldn’t be reached for remark, whereas Mr Curtis and PwC didn’t reply to enquiries on Wednesday morning.
Source: information.sky.com”