Share Prices & Company Research

Market News

28 Jan 2021 | 15:43

Paperchase announces rescue deal that will save 1,000 jobs

(Sharecast News) - Paperchase announced a rescue deal that will allow it to survive with a slimmed-down presence on the high street. It is known that the rescue deal which was reported on earlier this week by Sky, will save approximately 1,000 jobs.

The deal will see up to 90 of the 125 total stores retained by the new owner.

The stationary chain is to be sold through a so-called pre-pack administration to Aspen Phoenix.

The company launched a company voluntary arrangement in 2019 which saw it linking rent payments to store turnovers.

Up to 250 jobs were to be lost at Paperchase.

Its chief executive, Olly Raeburn, said of its rescue: "The cumulative impact of lockdowns and related restrictions means that it is imperative we make this tough but necessary decision to safeguard Paperchase'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, of course, recognise that this affects many of our colleagues and we will do all we can to assist them during this difficult time."
Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new account or transferring your account from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
Continuing our Personal Service: View our Latest COVID-19 Update: 30th April 2021
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.