High street stationery brand Paperchase has officially entered administration with no buyers interested in acquiring the company’s brick and mortar shops and physical assets.
As a result, all jobs are likely to be lost.
There has however been interest in the intellectual property and company name, after Sky News exclusively reported earlier that Tesco was in advanced talks to purchase the Paperchase brand.
The UK’s largest supermarket chain has subsequently confirmed that it will indeed buy the firm’s brand and intellectual property.
Tesco’s managing director of home and clothing Jan Marchant said: “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.”
On Tuesday, administrators at corporate restructuring firm Begbies Traynor were appointed.
The administrators 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.”
The company will continue to trade as normal in the short term and all stores will remain open.
Gift card holders have been “strongly” urged to redeem gift cards “as soon as possible” as they have two weeks before they cannot be used, the administrators said.
“The joint administrators will continue to monitor trading in the stores and further updates will be provided in due course.”
