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Paperchase will retain its branch in Guernsey after the stationary business was bought out by Aspen Phoenix NewCo.
The retail chain’s future was looking uncertain after two lockdowns in the UK, and it was given a finite window to figure out a rescue plan, or else it faced administration.
It was announced on 29 January that 70% of their stores would be saved, after it was bought out. It was unclear at that point whether or not Guernsey or Jersey would keep their High Street stores.
Pictured: Paperchase has always remained optimistic that it could keep Guernsey's shop open, even as it prepares to focus on online services.
However, it has since been confirmed to Express that the stores will be transferred to the new owners, keeping Paperchase as a presence in both Guernsey and Jersey.
Administrators PwC have been instrumental in the restructuring of the business.
“[We are] pleased to confirm the Guernsey branch has transferred to the new owners so will be retained. The Jersey outlet has been transferred as well,” said a spokesperson for the firm.
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