// Begbies Traynor appointed as administrator of Paperchase this morning
// “Significant” interest had been received for Paperchase’s brand and IP, with Tesco understood to be leading the race to buy it
Paperchase has collapsed into administration this morning, appointing Begbies Traynor to handle the process, as Tesco looks to snap up the retailer.
Mark Fry, Kirstie Provan and Gary Shankland of Begbies Traynor were appointed as joint administrators of Aspen Phoenix Newco Limited, which trades as Paperchase.
They said they had already received “signficant interest” in the retailer’s brand and IP.
Begbies Traynor said: “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.”
It is understood that Tesco is leading the race to snap up the stationery retailer’s IP.
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Paperchase will continue to trade in the short term, with all stores remaining open.
If Tesco wins the race to buy the retailer it is understood that it will close its stores, Sky News reported this morning.
The administrator will honour Paperchase gift cards, but urged customers to redeem these in the next two weeks.
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