Rushden Lakes' Paperchase store to remain open despite administrators being brought in

Paperchase at Rushden Lakes will continue to trade for now, but there is uncertainty over its long-term future.

It was confirmed on Tuesday that administrators had been brought in for the high street stationery retailer which currently operates around 100 stores across the country, including at the popular retail and leisure development.

A statement released by Begbies Traynor said they will continue trading in the short term with all stores remaining open and trading as normal.

However, anyone with a gift card is being urged to redeem it within the next two weeks.

A statement from the joint administrators to Aspen Phoenix Newco Limited (the ‘Company’), which trades as Paperchase, said: “On 31 January 2023 Mark Fry, Kirstie Provan and Gary Shankland, of Begbies Traynor, were appointed as Joint Administrators of Aspen Phoenix Newco Limited, which trades as Paperchase.

"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, the Joint Administrators can confirm that the intellectual property and brand name owned by the Company has been sold to Tesco Stores Limited.

"This sale reflects the interest in the well-known and established brand and will enable the brand to continue in Tesco stores across the UK.

"The Joint Administrators will continue trading the Company’s operations in the short term, with all stores remaining open and trading as normal.

"The Joint Administrators intend to retain all employees in the Paperchase stores as they continue to trade, and in the operational functions which support the stores’ trading.

"Regrettably, 75 staff based at the Company’s head office in London have been made redundant.

"At present, the Company will continue to honour gift cards, but would strongly urge customers to redeem these as soon as possible. Redemption will not be possible after two weeks.”

The joint administrators will continue to monitor trading in the stores and further updates will be provided in due course.”