Paperchase was bought by a group led by Steve Curtis, the chair of the fashion chain Jigsaw, in August last year. It was previously rescued from administration in January 2021 by Permira Debt Managers, one of its lenders. A spokesperson for Paperchase said: “We confirm that we have retained Begbies Traynor and PwC to advise Paperchase on strategic options, including the sale of the business as a going concern to new owners. Talks are continuing with a number of interested parties. Bidders are likely to include the restructuring firm Hilco, which attempted to buy the stationery retailer last summer.

It employs 820 staff and has about 100 outlets, down from more than 150 when it previously called in administrators.