Paperchase appoint PwC as administrators and complete sale of a substantial part of the business.
Itâ€™s business as usual for customers, suppliers, partners and other stakeholders as Paperchase have announced the appointment of PwC as administrators and the successful completion of the sale of a substantial part of the business and assets to a newly incorporated company, Aspen Phoenix NewCo.
The sale of the business completed on 27th February 2020, following the appointment of the administrators. Paperchase has been trading under a Notice of Intention to appoint administrators since 5th January 2020 and the management team have been working hard to find a solution to ensure the future success of the brand.
Paperchase will remain an omni channel business, albeit with a smaller, more relevant, retail footprint. The business will remain design-led, focusing on Cards, Stationery and seasonal events but there will be an overhaul of systems, technical infrastructure and processes as part of the transformation.
Olly Raeburn, CEO, said, â€œIt is imperative we make this tough but necessary decision to safeguard Paperchaseâ€™s future. In taking this action, we are giving ourselves the best opportunity to ensure that the business is fit for purpose in this new retail environment. We have been in close dialogue with all of our stakeholders through this process and are grateful for their continued support. We, of course, recognise that this affects many of our colleagues and we will do all we can to assist them during this difficult time.â€