Paperchase, the well-loved stationery brand which has a store based inside Next, Festival Park, has had its assets bought by Tesco after entering administration.

The supermarket chain has not bought Paperchase's 106 physical shops across the UK, leaving the futures of the 820 staff in doubt.

Paperchase entered administration in 2021, which shelved 500 jobs across the country but was then bought out by retail investors in August. The company has been struggling with rising costs and falling sales, in line with much of the high street currently.

The sale to Tesco could mean that store at Festival Park could be closed although no confirmation on when or if any jobs will be cut has been announced so far.

Paperchase enter administration, putting jobs at risk across the city (photo - Michelle Ziling Ou - Unsplash)

Jan Marchant, managing director of Home and Clothing at Tesco, said: "Paperchase is a well-loved brand by so many, we're proud to bring it to Tesco stores across the UK."

Begbie Traynor, who were appointed as administrators of Paperchase said that the stores would continue to trade but also warned customers, they had two weeks to redeem any gift cards.

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