Paperchase on the brink of falling into administration

British stationery retailer Paperchase was said to be on the brink of falling into administration as prayers of a solvent rescue deal faded away.

According to Sky News, Paperchase's parent company may appoint insolvency practitioners from Begbies Traynor as soon as Tuesday. Although, shareholders remain in talks with more than one potential suitor.

The chain was bought out by Steve Curtis, an experienced retail investor, back in August 2022 and also underwent a pre-pack administration in January 2021.

PricewaterhouseCoopers was previously appointed to find new investors for Paperchase.

Reporting by Iain Gilbert at Sharecast.com