Stationary outfit Paperchase has put administrators on standby as it scrambles to find new financial backers, according to reports.
Sky News’ Mark Kleinman has reported that Begbies Traynor has been lined up to handle any potential insolvency.
The firm has been bruised and battered by the pandemic and changes to the high street, though City sources told Kleinman that there was no guarantee insolvency might follow.
Sources told Kleinman – who also writes a City A.M. column – that the move was “sensible contingency planning” in difficult times.
The firm has been at the heart of a number of recent headlines, with the firm securing a rescue deal as recently as January 2021.
It was then taken over in August of last year by experienced retail investor Steve Curtis.
But Curtis himself then put the firm up for sale just four months later, where it currently sits.
Paperchase have been contacted for comment.
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