A MAJOR stationery retailer with a store in Worcester is on the hunt for new buyers

Paperchase has confirmed it is speaking with potential buyers amid reports that the high street retailer is lining up administrators.

The stationery company confirmed it has hired advisers from Begbies Traynor Group, the firm handling the Warriors administration, and PwC to assess options for the future of the company.

This announcement comes after Sky News reported that Begbies Traynor has been put on standby to handle a potential insolvency.

A spokesman for Paperchase has said that all stores, including the branch on Worcester High Street, will continue to trade as normal for the time being.

“We confirm that we have retained BTG and PwC to advise Paperchase on strategic options, including the sale of the business as a going concern to new owners,” they said.

“Talks are continuing with a number of interested parties.

“All Paperchase stores and the website will continue to trade as normal during this period.

“We can’t comment further on this process until discussions with interested parties have been concluded.”

A staff member at the Worcester branch added: “We don’t know anything at all.

“We were told a while ago they were searching for new buyers but haven’t heard anything since.”

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It is understood the company could be bought through a pre-pack administration.

However, Paperchase stressed it is still considering a solvent sale as a going concern and has had interest from a number of possible suitors.

The potential sale comes only four months after the retailer was bought by retail veteran Steve Curtis, who has previously backed Jigsaw and Tie Rack.

Paperchase also previously fell into administration two years ago, with the closure of 37 stores.