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31
Jan 2023
Paperchase in Harrogate faces uncertain future as company goes into administration
Staff at the Harrogate branch of stationery store Paperchase face an uncertain future after the company went into administration today.
Sky News reported this morning Tesco was in advanced talks to buy Paperchase's name and other intellectual property through a pre-pack administration but was unlikely to be interested in any stores — casting doubt over the workforce's future.
“On January 21, 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.
“However, there has been significant interest in the Paperchase brand and attendant intellectual property.
“The joint administrators will continue trading the company’s operations in the short term, with all stores remaining open and trading as normal.”
The Harrogate shop, on James Street, is one of 134 branches of Paperchase, which was founded in 1968.
More than 800 staff are employed by the company nationally.
Paperchase went through insolvency proceedings four years ago before being bought out of administration during the pandemic in 2021.
Staff in Harrogate told the Stray Ferret they were unable to comment at this time when we called this morning.
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