Paperchase: Stationery chain falls into administration

National stationery chain Paperchase - which has a store in Hitchin town centre - has fallen into administration after a last-ditch rescue deal for the business failed.

Paperchase, which has a store on Bancroft in the centre of Hitchin insisted its shops would continue trading in the 'short term', with all stores including Hitchin remaining open and trading as normal. 

However, there is long-term uncertainty over employees futures at the chain, which has 106 stores in the UK and Ireland and 820 staff, including Nub News understands, at least four full time employees at its Bancroft store.

It is the second time in two years the ailing company has slipped into administration. 

Begbies Traynor, who have been appointed as joint administrators, said in a statement: "Unfortunately, despite a comprehensive sales process, no viable offers were received for the company, or its business and assets. 

"However, there has been significant interest in the Paperchase brand and attendant intellectual property."

On Monday. Nub News reported Joules - situated only a few doors down from Paperchase - had closed. More here