Joint administrators from Begbies Traynor were appointed to Aspen Phoenix Newco, which trades as Paperchase, today (31 January).
Tesco has also confirmed the purchase today. In a statement, 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.”
Joint administrators from Begbies Traynor commented separately on the transaction: “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, this sale reflects the interest in the well-known and established brand and will enable the brand to continue in Tesco stores across the UK.
“The joint administrators will continue trading the company’s operations in the short term with all stores remaining open and trading as normal. The joint administrators will continue to monitor trading in the stores and further updates will be provided in due course.”
The consortium that bought Paperchase in August 2022 put the firm up for sale earlier this month, just five months after its purchase.
The Guardian said Paperchase has 106 stores across the UK and Ireland, and that the deal leaves the future uncertain for the high-street stationer’s 820 staff.
Tesco has also today announced a raft of changes to its business to ensure it remains “focused and competitive in a fast-changing market”, including changes to its management structure and closures to its remaining fresh food counters and hot delis from 26 February.
