Tesco in talks to acquire paperchase out of administration
Paperchase currently operates around 100 stores and has over 800 members of staff
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Tesco is reportedly close to acquiring stationery retailer Paperchase out of administration.
According to Sky News, Tesco is in advanced talks to acquire the name and intellectual property of the embattled retailer in a deal that could be agreed as early as Today (31 January).
Sky News cited that sources close to the deal believe it is unlikely that Tesco has any interest in Paperchase’s physical store estate.
It also added it is yet unclear whether there are any other potential suitors for the business.
Paperchase currently operates around 100 stores and has over 800 members of staff.
The news comes less than a year after Steve Curtis, an operating partner at Rcapital, the turnaround investor, agreed to buy Paperchase as a private investor for an undisclosed sum.
Retail Realisation, an industry advisory firm with which Curtis and Rcapital are affiliated with, was also part of the deal.
Paperchase was put up for auction 18 months after Covid-19 affected its revenues and profits, having undergone a pre-pack administration in January 2021.
