“We are looking to expand the business and would like think we will open another 10 stores this year,” Timothy Melgund, deputy chairman of Paperchase (pictured above) told PG Buzz.
The specialist retailer recent re-opened in Henley and has other locations in its sights.
“Retailing is extremely difficult at the moment, but greeting card sales are good,” assured Timothy. “Valentines got off to a good start and ended with a bang. While the weather affected us as it did other retailers, we saw an increase in the average price. The occasion has changed more than any other over the years. It used to be all about a ‘nudge and wink’, but now it is has broadened out into a more general love and friendship card sending event,” he added.
Providing welcome reassurance to card publishers supplying Paperchase Timothy confirmed that PDM (Permira Debt Management), the European private equity investment division has “released more funds” to facilitate the retailer’s expansion and operations. This news comes almost a year into Paperchase operating under a CVA.
“Throughout we have paid to terms and we will continue to pay to terms,” said Timothy assuring its card publishing suppliers.
Suppliers are understandably twitchy about Paperchase’s delay in publishing its annual accounts. One reason for the delay is believed to be down to the complexities of the CVA last year.