Paperchase rescue safeguards 1,000 jobs
28/01/2021 | news | business | 125
The stationery chain is bought out of administration in a deal rescuing up to 90 of its 127 stores.
1
28/01/2021 14:52:18 23 5
bbc
Excellent news. Big fan of Paperchase.
12
28/01/2021 15:13:32 19 2
bbc
With all due respect, you and a few others being nig fans is not going to cut it. The competition is ruthless and their management have been as agile as a tanker doing a u-turn. They'll be asset stripped with the name kept, rest fed to the vultures.
120
29/01/2021 09:39:31 0 0
bbc
Not a big fan of the way they dismissed 500 people in a 5 min zoom call.
2
28/01/2021 14:55:30 6 3
bbc
Good today but the highest Reeth problem will still exist later thus year .. just how much longer can the high street shops last without a change in rates n rents
10
28/01/2021 15:10:18 0 0
bbc
Exactly.
3
28/01/2021 14:59:19 11 12
bbc
Overpriced cards and stationery? Paperchase is the place.
8
28/01/2021 15:09:50 2 0
bbc
The cards are expensive because the rent is expensive. If we want commercial rents to drop we need to have lots of empty shops in key retail locations that are empty. Only then will landlords adjust to the new reality.
4
28/01/2021 15:02:11 32 5
bbc
I would suggest this will be an asset stripping exercise, taking the name and selling off the remaining properties. But at least it saves some jobs in the short term.
Unless we get serious about levelling the High street/Online playing field via taxation theirs no hope.
Maybe that's the way people are happy to see it go.
7
28/01/2021 15:09:37 12 1
bbc
Agree there will be another prepack later this year, reducing shop locations again.
37
28/01/2021 15:41:21 0 0
bbc
High street/online playing field via taxation? I wonder, could you explain that to me please? I really have no idea what you mean, in practical terms. What are you taxing and by how much? This is not a criticism, you understand, I genuinely want to know!
63
28/01/2021 16:03:44 2 0
bbc
Do you mean increase the taxes of those efficient companies that operate from out of town warehouses rather than old fashioned and expensive High Street stores and are therefore able to offer customers more choice, lower prices and fast delivery
91
Bob
28/01/2021 17:42:44 1 0
bbc
Nothing stopping a business from selling online.

They don't have to have stores.

Where would you draw the line on equality? If I wanted to take on Tesco I couldn't get the kind of pricing from suppliers they do as a sole trader. Shall we make it so Tesco has to pay the same prices I would?
101
28/01/2021 19:57:15 0 0
bbc
Taking the name? Its not exactly Halmark is it.
5
28/01/2021 15:03:52 11 3
bbc
Great news - many jobs saved and hope our local shop is remaining open. Helpful staff. The place to go for social stationery.
56
Leo
28/01/2021 15:59:39 4 5
bbc
Sure you cannot get stationary elsewhere. No wait, you can, and cheaper/better. Helpful staff: which universe?
6
28/01/2021 15:06:29 17 2
bbc
It’s not about a single shop surviving.
All shops need to survive. If the surrounding shops close then the spiral of doom is inevitable.

A few Christmas lights at Christmas and council plant containers in summer is not the answer. It Councils cannot see beyond that.
13
28/01/2021 15:14:13 7 3
bbc
Council funds and imagination is limited
60
28/01/2021 16:01:26 1 1
bbc
Shop business rates are a simple way of councils getting more money from non voters, they fleece businesses each year to pay for numpties to work out new ways to stop shops from succeeding.
4
28/01/2021 15:02:11 32 5
bbc
I would suggest this will be an asset stripping exercise, taking the name and selling off the remaining properties. But at least it saves some jobs in the short term.
Unless we get serious about levelling the High street/Online playing field via taxation theirs no hope.
Maybe that's the way people are happy to see it go.
7
28/01/2021 15:09:37 12 1
bbc
Agree there will be another prepack later this year, reducing shop locations again.
3
28/01/2021 14:59:19 11 12
bbc
Overpriced cards and stationery? Paperchase is the place.
8
28/01/2021 15:09:50 2 0
bbc
The cards are expensive because the rent is expensive. If we want commercial rents to drop we need to have lots of empty shops in key retail locations that are empty. Only then will landlords adjust to the new reality.
21
28/01/2021 15:19:23 0 0
bbc
Card Factory manage ok and sell cards ranging from 29p to £1.49 in the main. Don't know how Paperchase and Clintons can't survive selling cards at going on a fiver! Oh yes, volume of sales. Less people spending so much on a card that (hopefully) goes in recycle a few days after receipt.
41
28/01/2021 15:45:01 0 0
bbc
Landlords are often the organisations paying dividends to funds which pay people’s pensions, either now or in the future. The bogeymen are not always the landlords but those business owners who syphon off cash to overseas tax havens such as Monaco, Jersey or the Cayman Islands. You know who they are!
9
28/01/2021 15:10:15 15 1
bbc
I wish the best of luck to all those involved. Especially the employees.
53
Leo
28/01/2021 15:55:09 3 11
bbc
Pass me a bucket please
112
29/01/2021 00:16:48 2 0
bbc
here's some more useful information to give to the employee's. not good luck - start looking for a new job
2
28/01/2021 14:55:30 6 3
bbc
Good today but the highest Reeth problem will still exist later thus year .. just how much longer can the high street shops last without a change in rates n rents
10
28/01/2021 15:10:18 0 0
bbc
Exactly.
22
28/01/2021 15:19:51 0 0
bbc
Just remember the govt has no money of its own. If commercial rates are lowered then the govt has to make up that shortfall by increasing taxes elsewhere.
11
28/01/2021 15:06:41 3 14
bbc
Oh, another 1000 jobs were at risk. How unusual.

But never mind lockdown has been extended for a few more weeks.

Of course, come the legally binding parliamentary review, in a couple of weeks time, MPs could tell Boris where to stick his lockdown.

Well, probably not, because that would involve putting their constituents before their political careers.
17
28/01/2021 15:17:10 5 1
bbc
Fuuny how all the main parties broadly support lockdown in the same way that most of the UK public broadly support it. If it was all about politics the opposition parties all united plus not too many tories could bring down Boris. THAT would be playing politics.
1
28/01/2021 14:52:18 23 5
bbc
Excellent news. Big fan of Paperchase.
12
28/01/2021 15:13:32 19 2
bbc
With all due respect, you and a few others being nig fans is not going to cut it. The competition is ruthless and their management have been as agile as a tanker doing a u-turn. They'll be asset stripped with the name kept, rest fed to the vultures.
25
28/01/2021 15:21:37 4 2
bbc
Cheer up Mrs Grumpy. xx
6
28/01/2021 15:06:29 17 2
bbc
It’s not about a single shop surviving.
All shops need to survive. If the surrounding shops close then the spiral of doom is inevitable.

A few Christmas lights at Christmas and council plant containers in summer is not the answer. It Councils cannot see beyond that.
13
28/01/2021 15:14:13 7 3
bbc
Council funds and imagination is limited
55
Leo
28/01/2021 15:58:22 1 1
bbc
Do councils really need much of an imagination. Their role is local bureaucracy: governance/administration
14
28/01/2021 15:14:20 0 3
bbc
So you either

Believe in someone with their own (or friends who've trusted them - won't be friends for long if they get it wrong) money deciding whether paperchase is a viable business and then rescue it

Or

Someone like Boris Johnson (popular with people who know nothing like most politicians - nice smile) to decide what is a good or bad business

History show the first works - the 2nd doesn't
15
28/01/2021 15:15:05 12 1
bbc
It's great that people are keeping their jobs, but it's only a stay of execution, I fear.

It's no great loss that large chains are collapsing though: once the pandemic is over (it won't last forever), there'll be plenty space in the market for local independent shops (small enough to not be burdened by corporate red tape and administration) to quickly fill, and that's no bad thing.
20
28/01/2021 15:18:48 19 2
bbc
You're more optimistic than me. The rents and business rates will be the same but smaller independents have proportionally higher costs. Plus as more and more shops close the whole high street gets less footfall. Who wants to visit a card shop between an empty Debenhams and an empty House of Frazer?
50
Leo
28/01/2021 15:54:17 0 0
bbc
Astute comment
66
28/01/2021 16:06:12 1 1
bbc
Do you realise the costs of running a shop? very few have the turnover or profit margins to be viable.
88
28/01/2021 17:21:22 1 1
bbc
No shop is wanted in high streets any more, independent or chain. Most must become houses, well small flats, for those that can not work from home. Perhaps some space may come up with some entertainment that is worth the bother of going out to? With vr coming on going out will rarely be wanted, let alone necessary.
109
28/01/2021 22:44:08 0 0
bbc
Very hard for a local independent shop to make a profit even in the best of times
16
28/01/2021 15:13:30 0 2
bbc
The article doesn't say who bought it, just a 'newco'.
33
28/01/2021 15:32:51 1 1
bbc
Aspen and Phoenix suggest a link to Colorado and Arizona.
11
28/01/2021 15:06:41 3 14
bbc
Oh, another 1000 jobs were at risk. How unusual.

But never mind lockdown has been extended for a few more weeks.

Of course, come the legally binding parliamentary review, in a couple of weeks time, MPs could tell Boris where to stick his lockdown.

Well, probably not, because that would involve putting their constituents before their political careers.
17
28/01/2021 15:17:10 5 1
bbc
Fuuny how all the main parties broadly support lockdown in the same way that most of the UK public broadly support it. If it was all about politics the opposition parties all united plus not too many tories could bring down Boris. THAT would be playing politics.
18
28/01/2021 15:17:53 3 7
bbc
Really relieved to hear this.
Briefly, I thought I was going to have to watch Pointless on BBC1 at the same time but, thankfully, Bradley, The Beast, Vixen et al have kept their jobs.
Thank you, Boris
Twit Removed
19
28/01/2021 15:17:00 10 5
bbc
Another pre-pack designed to shaft landlords...
87
28/01/2021 17:15:55 1 1
bbc
They at least deserve it. Unlike the suppliers and the tax man. Think you will have a very hard time generating any sympathy for property rip offs. Upward only rents attitudes, let them rot. Property had it too easy and too much money for too long.
15
28/01/2021 15:15:05 12 1
bbc
It's great that people are keeping their jobs, but it's only a stay of execution, I fear.

It's no great loss that large chains are collapsing though: once the pandemic is over (it won't last forever), there'll be plenty space in the market for local independent shops (small enough to not be burdened by corporate red tape and administration) to quickly fill, and that's no bad thing.
20
28/01/2021 15:18:48 19 2
bbc
You're more optimistic than me. The rents and business rates will be the same but smaller independents have proportionally higher costs. Plus as more and more shops close the whole high street gets less footfall. Who wants to visit a card shop between an empty Debenhams and an empty House of Frazer?
29
28/01/2021 15:25:31 7 0
bbc
A fair point well made, but I'm hoping that the fact that people have had time to 'miss' shops will mean once the pandemic is over, footfall will increase and make smaller shops viable. Large units previously occupied by the like of Debenhams would need to be split into smaller units, but if the demand is there, it'll happen.

Not nailed on, I know, but it'd be nice to have more indy shops again.
8
28/01/2021 15:09:50 2 0
bbc
The cards are expensive because the rent is expensive. If we want commercial rents to drop we need to have lots of empty shops in key retail locations that are empty. Only then will landlords adjust to the new reality.
21
28/01/2021 15:19:23 0 0
bbc
Card Factory manage ok and sell cards ranging from 29p to £1.49 in the main. Don't know how Paperchase and Clintons can't survive selling cards at going on a fiver! Oh yes, volume of sales. Less people spending so much on a card that (hopefully) goes in recycle a few days after receipt.
10
28/01/2021 15:10:18 0 0
bbc
Exactly.
22
28/01/2021 15:19:51 0 0
bbc
Just remember the govt has no money of its own. If commercial rates are lowered then the govt has to make up that shortfall by increasing taxes elsewhere.
23
28/01/2021 15:20:39 21 1
bbc
The prepack sale means that HMRC will not get paid any tax owed by Paperchase, nor existing suppliers or creditors.
103
28/01/2021 20:04:56 1 0
bbc
Then complain to your MP to get the law changed
24
28/01/2021 15:21:00 5 5
bbc
Hope all these people complaining about higher rates and rents are happy to pay more Council Tax, because if councils can’t get the money from overpriced niche shops like Paperchase that’s exactly where they will get their money from
40
28/01/2021 15:45:01 0 0
bbc
5% increase 2021/2022 in council tax, and probably more in the following years. Although the people who own the retail property still have to pay the rates (after 3 months) for closed shops, they will not be able to sustain it indefinitely.
12
28/01/2021 15:13:32 19 2
bbc
With all due respect, you and a few others being nig fans is not going to cut it. The competition is ruthless and their management have been as agile as a tanker doing a u-turn. They'll be asset stripped with the name kept, rest fed to the vultures.
25
28/01/2021 15:21:37 4 2
bbc
Cheer up Mrs Grumpy. xx
26
28/01/2021 15:22:15 6 4
bbc
Waiting for the comment: "It was on the cards"
30
28/01/2021 15:25:48 4 1
bbc
Your wait is over
18
28/01/2021 15:17:53 3 7
bbc
Really relieved to hear this.
Briefly, I thought I was going to have to watch Pointless on BBC1 at the same time but, thankfully, Bradley, The Beast, Vixen et al have kept their jobs.
Thank you, Boris
Twit Removed
Removed
28
28/01/2021 15:24:47 13 4
bbc
Thank goodness - I was worried about where to buy -" Congratulations on your Vaccination" cards
113
29/01/2021 00:18:31 0 0
bbc
all downvotes on this comment are invalid
114
29/01/2021 00:18:48 2 0
bbc
congratulaaationssss, and vaccinnaaationssssss
20
28/01/2021 15:18:48 19 2
bbc
You're more optimistic than me. The rents and business rates will be the same but smaller independents have proportionally higher costs. Plus as more and more shops close the whole high street gets less footfall. Who wants to visit a card shop between an empty Debenhams and an empty House of Frazer?
29
28/01/2021 15:25:31 7 0
bbc
A fair point well made, but I'm hoping that the fact that people have had time to 'miss' shops will mean once the pandemic is over, footfall will increase and make smaller shops viable. Large units previously occupied by the like of Debenhams would need to be split into smaller units, but if the demand is there, it'll happen.

Not nailed on, I know, but it'd be nice to have more indy shops again.
32
28/01/2021 15:32:26 5 1
bbc
Especially things that can't be done on-line (like independent restaurants rather than the same damned chains). I live in Nottingham and the city centre has been nuked. We've had an entire shopping centre demolished (by Intu) who then went bust. The council are cash strapped so not helping either. Unless there's a total sea change in how small business is supported it looks pretty grim.
76
b
28/01/2021 16:33:17 1 0
bbc
Tbh can't see it happening. There has been a lot of shouting about saving the high street by having more independent shops for decades now, and it hasn't happened. It works Ok-ish in smaller more affluent towns where the locals or visitors who know what to expect will pay a premium for artisan products. The fundamentals that always made it difficult for smaller shops to flourish haven't changed.
104
28/01/2021 20:09:44 2 0
bbc
The problem with this is you assume people have missed shops. I'm sure once we go back people will realise how much better it is at home, no parking charges, no crowds, cheaper prices, more choice - I'll stick to online
26
28/01/2021 15:22:15 6 4
bbc
Waiting for the comment: "It was on the cards"
30
28/01/2021 15:25:48 4 1
bbc
Your wait is over
31
28/01/2021 15:26:12 6 1
bbc
Our local Paperchase is a franchise inside our local House of Fraser store - I'm not sure how long either/both of them can last.
29
28/01/2021 15:25:31 7 0
bbc
A fair point well made, but I'm hoping that the fact that people have had time to 'miss' shops will mean once the pandemic is over, footfall will increase and make smaller shops viable. Large units previously occupied by the like of Debenhams would need to be split into smaller units, but if the demand is there, it'll happen.

Not nailed on, I know, but it'd be nice to have more indy shops again.
32
28/01/2021 15:32:26 5 1
bbc
Especially things that can't be done on-line (like independent restaurants rather than the same damned chains). I live in Nottingham and the city centre has been nuked. We've had an entire shopping centre demolished (by Intu) who then went bust. The council are cash strapped so not helping either. Unless there's a total sea change in how small business is supported it looks pretty grim.
52
28/01/2021 15:54:53 0 0
bbc
Although the Broadmarsh may rise like a phoenix from its ashes, it seems unlikely to do so as a shopping centre - what I read suggests either a green space or (the most likely option IMHO) new housing.

So I would agree with your analysis - some people enjoy going shopping - but the location they visit will need a critical mass of viable shops - and that looks more and more difficult to achieve.
61
28/01/2021 16:02:40 0 0
bbc
Agree, need a radical new-think by Govt. re support for start-up businesses

Great pity that the scammers were out stealing Covid wage/furlough support money during Covid...could've been seed money for start ups

Biggest change we need is in small local businesses being agile & universally excellent & for society...i.e. you & me - to regularly use them & support their sustainability: Use or lose
16
28/01/2021 15:13:30 0 2
bbc
The article doesn't say who bought it, just a 'newco'.
33
28/01/2021 15:32:51 1 1
bbc
Aspen and Phoenix suggest a link to Colorado and Arizona.
57
28/01/2021 16:00:19 1 0
bbc
Ha ha, no. It's a new company registered two weeks ago in London EC4 (Phoenix=the bird that arose from the ashes) with two British directors and one UK based US director, backed by Permira Debt Managers of Pall Mall, London
34
28/01/2021 15:34:04 6 1
bbc
Why delay the inevitable?
45
28/01/2021 15:49:12 3 2
bbc
Persisting with trying to keep jobs is often or at the very least, sometimes - worthwhile

Paperchase staff have bills, pay Council Tax, keep other businesses going (multiplier effect): Paperchase suppliers will have more trade...and will be more able to sustain their workforce too

If we abandon all current business models, what's left?

Where & how will we provide worthwhile jobs for everyone?
35
28/01/2021 15:35:29 2 2
bbc
Send them a Congrats card! Well, there is the knock on from taking people out of poverty that they are not in when it is cited (in a BBC report as well) that higher minimum wage costs contributed to the collapse. If we want to level up then the top 1% should not be paying 30% of tax revenues whilst 30% pay no tax at all. Skewed system. Good luck to Paperchase for the 12 more months of survival.
36
28/01/2021 15:36:47 3 2
bbc
Paperchase said that under its new ownership, it would remain "an omni-channel business, albeit with a smaller, more relevant, retail footprint" = mgt speak for just on-line within 12 months?.
4
28/01/2021 15:02:11 32 5
bbc
I would suggest this will be an asset stripping exercise, taking the name and selling off the remaining properties. But at least it saves some jobs in the short term.
Unless we get serious about levelling the High street/Online playing field via taxation theirs no hope.
Maybe that's the way people are happy to see it go.
37
28/01/2021 15:41:21 0 0
bbc
High street/online playing field via taxation? I wonder, could you explain that to me please? I really have no idea what you mean, in practical terms. What are you taxing and by how much? This is not a criticism, you understand, I genuinely want to know!
84
28/01/2021 17:07:23 2 1
bbc
The online people obviously have a huge advantage in terms of overheads.
If we want the Highstreet to survive we need to redress that balance somewhat; possibly an online sales tax for vat registered businesses.
I understand some may feel it's better for the market to decide.
Personally I would like to see small independents encouraged to repopulate Highstreets
But Local Authorities won't do it
Twit Removed
Removed
39
28/01/2021 15:44:32 2 1
bbc
The only paper the buyer has in mind is the folding kind, having stripped the assets of the company, and then decinding several months down the line that the business is not viable.
24
28/01/2021 15:21:00 5 5
bbc
Hope all these people complaining about higher rates and rents are happy to pay more Council Tax, because if councils can’t get the money from overpriced niche shops like Paperchase that’s exactly where they will get their money from
40
28/01/2021 15:45:01 0 0
bbc
5% increase 2021/2022 in council tax, and probably more in the following years. Although the people who own the retail property still have to pay the rates (after 3 months) for closed shops, they will not be able to sustain it indefinitely.
8
28/01/2021 15:09:50 2 0
bbc
The cards are expensive because the rent is expensive. If we want commercial rents to drop we need to have lots of empty shops in key retail locations that are empty. Only then will landlords adjust to the new reality.
41
28/01/2021 15:45:01 0 0
bbc
Landlords are often the organisations paying dividends to funds which pay people’s pensions, either now or in the future. The bogeymen are not always the landlords but those business owners who syphon off cash to overseas tax havens such as Monaco, Jersey or the Cayman Islands. You know who they are!
42
28/01/2021 15:45:27 3 14
bbc
Imagine being such a boring human being as to have a favourite stationery shop
43
28/01/2021 15:47:58 2 3
bbc
Pandemics and lockdowns aside. It's extortionate business rates and landlords unwilling to drop their rents which will kill the high street.
47
28/01/2021 15:52:37 2 0
bbc
'Extortionate business rates and landlords' are both part of the landscape.......adapt or modify your business model accordingly....me thinks.
54
28/01/2021 15:57:19 0 1
bbc
Most landlords are real estate companies who have stores on there books at a certain valuation, to lower rents, they would have lower there company valuations and therefore company value, which shareholders (pension funds and investors) dont want to do. Business rates on the other hand are just councils milking businesses for all they can get.
85
28/01/2021 17:11:05 1 0
bbc
Yes both are extortionate. However ask why? Retailing via shops, has until the internet, been a massive rip off easy money operation. So the bigger leaches spotted that and ramped up the costs of the buildings. That is why few-make anything here, too easy money just selling for big mark ups, no skills no ability needed. Rather like buy to let, the replacement easy money for nothing. Needs taxing!
44
28/01/2021 15:48:28 1 6
bbc
Good news. Never stepped foot in one before though.
34
28/01/2021 15:34:04 6 1
bbc
Why delay the inevitable?
45
28/01/2021 15:49:12 3 2
bbc
Persisting with trying to keep jobs is often or at the very least, sometimes - worthwhile

Paperchase staff have bills, pay Council Tax, keep other businesses going (multiplier effect): Paperchase suppliers will have more trade...and will be more able to sustain their workforce too

If we abandon all current business models, what's left?

Where & how will we provide worthwhile jobs for everyone?
46
Leo
28/01/2021 15:52:13 9 4
bbc
I remember when P/chase appeared on TC Rd new and fresh. Frankly now what they sell can be bought anywhere, much cheaper.

Stopped going in the T C Rd store. Found the staff unknowledgeable & unhelpful. Seemed as if shoppers got in the way of their shop social life. Cheaper/better choice everywhere else.

Maybe the new owner can motivate the workforce, provide something different.
64
28/01/2021 16:04:36 1 4
bbc
Those 'unhelpful' staff are likely to have needed a degree in retail management to get that job.
71
28/01/2021 16:19:57 0 0
bbc
I remember that too it was a great shop but latterly I only ever bought heavily discounted stuff after Christmas
43
28/01/2021 15:47:58 2 3
bbc
Pandemics and lockdowns aside. It's extortionate business rates and landlords unwilling to drop their rents which will kill the high street.
47
28/01/2021 15:52:37 2 0
bbc
'Extortionate business rates and landlords' are both part of the landscape.......adapt or modify your business model accordingly....me thinks.
48
28/01/2021 15:53:19 3 6
bbc
The High Street is already dead. It's been gasping for breath for the last 20 years, as people seek convenience over common sense.
The same thing is happening with cash transactions.
When cash is dead, too, and ALL power is handed over to the government, banks, and a handful of mega-corporations, get in touch, please, and I'll explain why it is all your fault
83
28/01/2021 17:04:37 1 4
bbc
Cash you are right. Shops in streets have no use or place in this modern world. Museum attractions of yesteryear quaintness.
49
28/01/2021 15:53:53 5 5
bbc
Wasted effort.

It was overpriced in the 1st place and no body used it.

Best thing to do would be to let it fail.
62
28/01/2021 16:00:29 6 1
bbc
It is quite a nice little chain. Not that I use it much, because I make my own cards, with hobbycraft blanks, a pritstick and old magazines. Most of my cards however would not get through the BBC moderators! But they make my friends laugh.
68
28/01/2021 16:13:31 1 0
bbc
I used it for stationery - I like their journals and would buy a diary there in January sales (so yes, too expensive!)

Cards and decorations were just overpriced tat that no-one needs

Glad some people have kept jobs for a bit longer
106
Red
28/01/2021 20:36:27 0 0
bbc
100% agree
15
28/01/2021 15:15:05 12 1
bbc
It's great that people are keeping their jobs, but it's only a stay of execution, I fear.

It's no great loss that large chains are collapsing though: once the pandemic is over (it won't last forever), there'll be plenty space in the market for local independent shops (small enough to not be burdened by corporate red tape and administration) to quickly fill, and that's no bad thing.
50
Leo
28/01/2021 15:54:17 0 0
bbc
Astute comment
51
28/01/2021 15:54:28 20 1
bbc
No doubt a load of suppliers have been shafted as is usual in these scenarios. Wonder what PwC fees were.
82
28/01/2021 17:01:40 8 1
bbc
Their fees are always first call on the corpse's pockets.
32
28/01/2021 15:32:26 5 1
bbc
Especially things that can't be done on-line (like independent restaurants rather than the same damned chains). I live in Nottingham and the city centre has been nuked. We've had an entire shopping centre demolished (by Intu) who then went bust. The council are cash strapped so not helping either. Unless there's a total sea change in how small business is supported it looks pretty grim.
52
28/01/2021 15:54:53 0 0
bbc
Although the Broadmarsh may rise like a phoenix from its ashes, it seems unlikely to do so as a shopping centre - what I read suggests either a green space or (the most likely option IMHO) new housing.

So I would agree with your analysis - some people enjoy going shopping - but the location they visit will need a critical mass of viable shops - and that looks more and more difficult to achieve.
9
28/01/2021 15:10:15 15 1
bbc
I wish the best of luck to all those involved. Especially the employees.
53
Leo
28/01/2021 15:55:09 3 11
bbc
Pass me a bucket please
43
28/01/2021 15:47:58 2 3
bbc
Pandemics and lockdowns aside. It's extortionate business rates and landlords unwilling to drop their rents which will kill the high street.
54
28/01/2021 15:57:19 0 1
bbc
Most landlords are real estate companies who have stores on there books at a certain valuation, to lower rents, they would have lower there company valuations and therefore company value, which shareholders (pension funds and investors) dont want to do. Business rates on the other hand are just councils milking businesses for all they can get.
13
28/01/2021 15:14:13 7 3
bbc
Council funds and imagination is limited
55
Leo
28/01/2021 15:58:22 1 1
bbc
Do councils really need much of an imagination. Their role is local bureaucracy: governance/administration
67
28/01/2021 16:07:23 2 0
bbc
That’s not really fair
My local council has maintained parking enforcement throughout the last year ensuring that more shoppers visit the out of town stores that offer free parking
5
28/01/2021 15:03:52 11 3
bbc
Great news - many jobs saved and hope our local shop is remaining open. Helpful staff. The place to go for social stationery.
56
Leo
28/01/2021 15:59:39 4 5
bbc
Sure you cannot get stationary elsewhere. No wait, you can, and cheaper/better. Helpful staff: which universe?
80
BD
28/01/2021 16:57:59 0 0
bbc
stationery
123
29/01/2021 12:14:29 0 0
bbc
I always find their staff to be really helpful and pleasant and the products are great quality. These are people's jobs and livelihoods your attacking with a post like this. Perhaps you should stop and think about that before typing?
33
28/01/2021 15:32:51 1 1
bbc
Aspen and Phoenix suggest a link to Colorado and Arizona.
57
28/01/2021 16:00:19 1 0
bbc
Ha ha, no. It's a new company registered two weeks ago in London EC4 (Phoenix=the bird that arose from the ashes) with two British directors and one UK based US director, backed by Permira Debt Managers of Pall Mall, London
58
28/01/2021 16:00:20 4 2
bbc
I've never really understood the steady state value proposition of this firm, but a 1000 jobs saved in this climate is good news.
59
28/01/2021 16:01:02 3 3
bbc
'Aspen Phoenix NewCo' - with a c/o postal address of a business admin solutions company, created as a business 15 days ago - so not that experienced in running card shops...
93
Bob
28/01/2021 17:48:48 0 0
bbc
If the name is anything to go by this is just a standard dump the debt phoenix company purchase that will mean the same faces behind the scenes, even if they're not on the officers list for 12 months.
6
28/01/2021 15:06:29 17 2
bbc
It’s not about a single shop surviving.
All shops need to survive. If the surrounding shops close then the spiral of doom is inevitable.

A few Christmas lights at Christmas and council plant containers in summer is not the answer. It Councils cannot see beyond that.
60
28/01/2021 16:01:26 1 1
bbc
Shop business rates are a simple way of councils getting more money from non voters, they fleece businesses each year to pay for numpties to work out new ways to stop shops from succeeding.
32
28/01/2021 15:32:26 5 1
bbc
Especially things that can't be done on-line (like independent restaurants rather than the same damned chains). I live in Nottingham and the city centre has been nuked. We've had an entire shopping centre demolished (by Intu) who then went bust. The council are cash strapped so not helping either. Unless there's a total sea change in how small business is supported it looks pretty grim.
61
28/01/2021 16:02:40 0 0
bbc
Agree, need a radical new-think by Govt. re support for start-up businesses

Great pity that the scammers were out stealing Covid wage/furlough support money during Covid...could've been seed money for start ups

Biggest change we need is in small local businesses being agile & universally excellent & for society...i.e. you & me - to regularly use them & support their sustainability: Use or lose
49
28/01/2021 15:53:53 5 5
bbc
Wasted effort.

It was overpriced in the 1st place and no body used it.

Best thing to do would be to let it fail.
62
28/01/2021 16:00:29 6 1
bbc
It is quite a nice little chain. Not that I use it much, because I make my own cards, with hobbycraft blanks, a pritstick and old magazines. Most of my cards however would not get through the BBC moderators! But they make my friends laugh.
4
28/01/2021 15:02:11 32 5
bbc
I would suggest this will be an asset stripping exercise, taking the name and selling off the remaining properties. But at least it saves some jobs in the short term.
Unless we get serious about levelling the High street/Online playing field via taxation theirs no hope.
Maybe that's the way people are happy to see it go.
63
28/01/2021 16:03:44 2 0
bbc
Do you mean increase the taxes of those efficient companies that operate from out of town warehouses rather than old fashioned and expensive High Street stores and are therefore able to offer customers more choice, lower prices and fast delivery
46
Leo
28/01/2021 15:52:13 9 4
bbc
I remember when P/chase appeared on TC Rd new and fresh. Frankly now what they sell can be bought anywhere, much cheaper.

Stopped going in the T C Rd store. Found the staff unknowledgeable & unhelpful. Seemed as if shoppers got in the way of their shop social life. Cheaper/better choice everywhere else.

Maybe the new owner can motivate the workforce, provide something different.
64
28/01/2021 16:04:36 1 4
bbc
Those 'unhelpful' staff are likely to have needed a degree in retail management to get that job.
65
28/01/2021 16:04:59 6 15
bbc
Greetings cards are so 2019

Son just had 21st
and all we did was go upstairs with a bowl of cerealpops to wish him a happy birthday.

It's the new normal.
15
28/01/2021 15:15:05 12 1
bbc
It's great that people are keeping their jobs, but it's only a stay of execution, I fear.

It's no great loss that large chains are collapsing though: once the pandemic is over (it won't last forever), there'll be plenty space in the market for local independent shops (small enough to not be burdened by corporate red tape and administration) to quickly fill, and that's no bad thing.
66
28/01/2021 16:06:12 1 1
bbc
Do you realise the costs of running a shop? very few have the turnover or profit margins to be viable.
55
Leo
28/01/2021 15:58:22 1 1
bbc
Do councils really need much of an imagination. Their role is local bureaucracy: governance/administration
67
28/01/2021 16:07:23 2 0
bbc
That’s not really fair
My local council has maintained parking enforcement throughout the last year ensuring that more shoppers visit the out of town stores that offer free parking
74
28/01/2021 16:31:25 1 0
bbc
Ours have extended pay & display to areas where no charge used to be made. This is the council that charges it’s employees to park & fines them if they work overtime & prepaid permit time is exceeded.
49
28/01/2021 15:53:53 5 5
bbc
Wasted effort.

It was overpriced in the 1st place and no body used it.

Best thing to do would be to let it fail.
68
28/01/2021 16:13:31 1 0
bbc
I used it for stationery - I like their journals and would buy a diary there in January sales (so yes, too expensive!)

Cards and decorations were just overpriced tat that no-one needs

Glad some people have kept jobs for a bit longer
69
28/01/2021 16:17:55 1 1
bbc
When my children were teenagers they always referred to birthdays as happy Hallnark.
70
28/01/2021 16:18:15 1 3
bbc
Funny how this company has just been incorporated:
https://find-and-update.company-information.service.gov.uk/company/13131751
Another "financial engineering" exercise.
46
Leo
28/01/2021 15:52:13 9 4
bbc
I remember when P/chase appeared on TC Rd new and fresh. Frankly now what they sell can be bought anywhere, much cheaper.

Stopped going in the T C Rd store. Found the staff unknowledgeable & unhelpful. Seemed as if shoppers got in the way of their shop social life. Cheaper/better choice everywhere else.

Maybe the new owner can motivate the workforce, provide something different.
71
28/01/2021 16:19:57 0 0
bbc
I remember that too it was a great shop but latterly I only ever bought heavily discounted stuff after Christmas
72
Ian
28/01/2021 16:24:53 2 4
bbc
Put it another way, 500 jobs lost

We need a government that will create jobs where we need them such as with a mass council house building program

Proper jobs with genuinely decent terms and conditions, not the crap wages that most people get these days that isn't enough to afford a good standard of living

Trying to sell someone the same electricity with a different company isn't a job!
90
28/01/2021 17:37:58 1 0
bbc
And when the houses have been completed these will jobs go thr same way!
Also who takes the jobs, previously a lot of the building jobs were filled by workers from the EU, so really just funded EU workers to live and work in the UK.
Perhaps supporting industries that do create real jobs rather than local council jobs is a more long term view!
97
28/01/2021 19:00:12 0 0
bbc
you can't create jobs; you can train and give out grants to support people starting businesses but the elephant in the room is that there will now never be enough jobs for all...
Good luck. I think High Streets need to allow people to live in shops / convert shops to residences providing they keep a store front for either walk in OR Internet business. This helps resolve the housing crisis AND keeps our High Streets looking like High Streets, where people are encouraged to go walk and look and shop and buy cards.
81
28/01/2021 16:59:37 2 1
bbc
No one wants high street shops any more than they want the travelling fair shops replaced. Just use the space for other things like micro housing.
67
28/01/2021 16:07:23 2 0
bbc
That’s not really fair
My local council has maintained parking enforcement throughout the last year ensuring that more shoppers visit the out of town stores that offer free parking
74
28/01/2021 16:31:25 1 0
bbc
Ours have extended pay & display to areas where no charge used to be made. This is the council that charges it’s employees to park & fines them if they work overtime & prepaid permit time is exceeded.
75
28/01/2021 16:17:41 0 3
bbc
Chris
16:01
'Aspen Phoenix NewCo' - with a c/o postal address of a business admin solutions company, created as a business 15 days ago - so not that experienced in running card shops...

**

That's the way business / commerce works sometimes bud.

Perfectly legal : hopefully newco will have a successful business model.
29
28/01/2021 15:25:31 7 0
bbc
A fair point well made, but I'm hoping that the fact that people have had time to 'miss' shops will mean once the pandemic is over, footfall will increase and make smaller shops viable. Large units previously occupied by the like of Debenhams would need to be split into smaller units, but if the demand is there, it'll happen.

Not nailed on, I know, but it'd be nice to have more indy shops again.
76
b
28/01/2021 16:33:17 1 0
bbc
Tbh can't see it happening. There has been a lot of shouting about saving the high street by having more independent shops for decades now, and it hasn't happened. It works Ok-ish in smaller more affluent towns where the locals or visitors who know what to expect will pay a premium for artisan products. The fundamentals that always made it difficult for smaller shops to flourish haven't changed.
77
28/01/2021 16:50:10 9 3
bbc
Sounds like the usual process of go bust and then just recreate the company without the debt but with the same management in place on brand new bonus schemes which will eventually cause the company to go bust and then just recreate.... well you get the gist.
92
Bob
28/01/2021 17:45:23 5 0
bbc
You mean a phoenix company.

Remind the name of the acquiring company again?
78
28/01/2021 16:36:59 1 5
bbc
Never understood the appeal the greetings cards. Overpriced bits of cardboard.
79
28/01/2021 16:56:58 9 2
bbc
I assume this is the standard theft from those they owe money to? Unless this 'new' company has paid off all the debts they should not keep any benefits from it. This 'going broke' method of theft by companies and individuals is just not acceptable. Fund your own companies or lives with your own money.
56
Leo
28/01/2021 15:59:39 4 5
bbc
Sure you cannot get stationary elsewhere. No wait, you can, and cheaper/better. Helpful staff: which universe?
80
BD
28/01/2021 16:57:59 0 0
bbc
stationery
Good luck. I think High Streets need to allow people to live in shops / convert shops to residences providing they keep a store front for either walk in OR Internet business. This helps resolve the housing crisis AND keeps our High Streets looking like High Streets, where people are encouraged to go walk and look and shop and buy cards.
81
28/01/2021 16:59:37 2 1
bbc
No one wants high street shops any more than they want the travelling fair shops replaced. Just use the space for other things like micro housing.
51
28/01/2021 15:54:28 20 1
bbc
No doubt a load of suppliers have been shafted as is usual in these scenarios. Wonder what PwC fees were.
82
28/01/2021 17:01:40 8 1
bbc
Their fees are always first call on the corpse's pockets.
48
28/01/2021 15:53:19 3 6
bbc
The High Street is already dead. It's been gasping for breath for the last 20 years, as people seek convenience over common sense.
The same thing is happening with cash transactions.
When cash is dead, too, and ALL power is handed over to the government, banks, and a handful of mega-corporations, get in touch, please, and I'll explain why it is all your fault
83
28/01/2021 17:04:37 1 4
bbc
Cash you are right. Shops in streets have no use or place in this modern world. Museum attractions of yesteryear quaintness.
37
28/01/2021 15:41:21 0 0
bbc
High street/online playing field via taxation? I wonder, could you explain that to me please? I really have no idea what you mean, in practical terms. What are you taxing and by how much? This is not a criticism, you understand, I genuinely want to know!
84
28/01/2021 17:07:23 2 1
bbc
The online people obviously have a huge advantage in terms of overheads.
If we want the Highstreet to survive we need to redress that balance somewhat; possibly an online sales tax for vat registered businesses.
I understand some may feel it's better for the market to decide.
Personally I would like to see small independents encouraged to repopulate Highstreets
But Local Authorities won't do it
102
28/01/2021 20:01:54 0 0
bbc
Why should we have to pay more because the inefficient high street stores haven't adapted. Might as well have bailed out Blockbusters
43
28/01/2021 15:47:58 2 3
bbc
Pandemics and lockdowns aside. It's extortionate business rates and landlords unwilling to drop their rents which will kill the high street.
85
28/01/2021 17:11:05 1 0
bbc
Yes both are extortionate. However ask why? Retailing via shops, has until the internet, been a massive rip off easy money operation. So the bigger leaches spotted that and ramped up the costs of the buildings. That is why few-make anything here, too easy money just selling for big mark ups, no skills no ability needed. Rather like buy to let, the replacement easy money for nothing. Needs taxing!
86
28/01/2021 17:01:02 1 1
bbc
Vae Victis
16:18
Funny how this company has just been incorporated:
https://find-and-update.company-information.service.gov.uk/company/13131751
Another "financial engineering" exercise.

**

Not really.

That's the company which has taken over the previous business. Perfectly legal and will be subject to scrutiny / approval by professional bodies and creditors.
100
28/01/2021 19:16:00 0 0
bbc
A newly incorporated business to keep operational is no easy way out.
19
28/01/2021 15:17:00 10 5
bbc
Another pre-pack designed to shaft landlords...
87
28/01/2021 17:15:55 1 1
bbc
They at least deserve it. Unlike the suppliers and the tax man. Think you will have a very hard time generating any sympathy for property rip offs. Upward only rents attitudes, let them rot. Property had it too easy and too much money for too long.
15
28/01/2021 15:15:05 12 1
bbc
It's great that people are keeping their jobs, but it's only a stay of execution, I fear.

It's no great loss that large chains are collapsing though: once the pandemic is over (it won't last forever), there'll be plenty space in the market for local independent shops (small enough to not be burdened by corporate red tape and administration) to quickly fill, and that's no bad thing.
88
28/01/2021 17:21:22 1 1
bbc
No shop is wanted in high streets any more, independent or chain. Most must become houses, well small flats, for those that can not work from home. Perhaps some space may come up with some entertainment that is worth the bother of going out to? With vr coming on going out will rarely be wanted, let alone necessary.
89
28/01/2021 17:37:43 4 1
bbc
It’s the same old plan. Form a company to buy up a no-hope business at rock-bottom price with debts written off, show surprise that it’s not viable, followed by selling off all the assets. Nice, unless you are one of the many that are owed money to.
Frankly, Paperchase has been on borrowed time for years.
99
28/01/2021 19:14:47 0 0
bbc
There are loads of companies who have done exactly the same both in the last recession and this time round. The difference this time is the impact of government enforced lockdown.
72
Ian
28/01/2021 16:24:53 2 4
bbc
Put it another way, 500 jobs lost

We need a government that will create jobs where we need them such as with a mass council house building program

Proper jobs with genuinely decent terms and conditions, not the crap wages that most people get these days that isn't enough to afford a good standard of living

Trying to sell someone the same electricity with a different company isn't a job!
90
28/01/2021 17:37:58 1 0
bbc
And when the houses have been completed these will jobs go thr same way!
Also who takes the jobs, previously a lot of the building jobs were filled by workers from the EU, so really just funded EU workers to live and work in the UK.
Perhaps supporting industries that do create real jobs rather than local council jobs is a more long term view!
4
28/01/2021 15:02:11 32 5
bbc
I would suggest this will be an asset stripping exercise, taking the name and selling off the remaining properties. But at least it saves some jobs in the short term.
Unless we get serious about levelling the High street/Online playing field via taxation theirs no hope.
Maybe that's the way people are happy to see it go.
91
Bob
28/01/2021 17:42:44 1 0
bbc
Nothing stopping a business from selling online.

They don't have to have stores.

Where would you draw the line on equality? If I wanted to take on Tesco I couldn't get the kind of pricing from suppliers they do as a sole trader. Shall we make it so Tesco has to pay the same prices I would?
77
28/01/2021 16:50:10 9 3
bbc
Sounds like the usual process of go bust and then just recreate the company without the debt but with the same management in place on brand new bonus schemes which will eventually cause the company to go bust and then just recreate.... well you get the gist.
92
Bob
28/01/2021 17:45:23 5 0
bbc
You mean a phoenix company.

Remind the name of the acquiring company again?
59
28/01/2021 16:01:02 3 3
bbc
'Aspen Phoenix NewCo' - with a c/o postal address of a business admin solutions company, created as a business 15 days ago - so not that experienced in running card shops...
93
Bob
28/01/2021 17:48:48 0 0
bbc
If the name is anything to go by this is just a standard dump the debt phoenix company purchase that will mean the same faces behind the scenes, even if they're not on the officers list for 12 months.
94
28/01/2021 18:18:31 0 2
bbc
The BBC never mentioned Boohoo buying Debenhams name. WHY?
95
28/01/2021 18:43:42 2 0
bbc
The did, a few days ago. Do try and keep up.
96
28/01/2021 18:44:51 1 0
bbc
They did, at least on the radio earlier this week, bought the name for on-line sales, not the stores.
98
28/01/2021 19:09:59 1 0
bbc
It was all over the BBC!
94
28/01/2021 18:18:31 0 2
bbc
The BBC never mentioned Boohoo buying Debenhams name. WHY?
95
28/01/2021 18:43:42 2 0
bbc
The did, a few days ago. Do try and keep up.
94
28/01/2021 18:18:31 0 2
bbc
The BBC never mentioned Boohoo buying Debenhams name. WHY?
96
28/01/2021 18:44:51 1 0
bbc
They did, at least on the radio earlier this week, bought the name for on-line sales, not the stores.
72
Ian
28/01/2021 16:24:53 2 4
bbc
Put it another way, 500 jobs lost

We need a government that will create jobs where we need them such as with a mass council house building program

Proper jobs with genuinely decent terms and conditions, not the crap wages that most people get these days that isn't enough to afford a good standard of living

Trying to sell someone the same electricity with a different company isn't a job!
97
28/01/2021 19:00:12 0 0
bbc
you can't create jobs; you can train and give out grants to support people starting businesses but the elephant in the room is that there will now never be enough jobs for all...
94
28/01/2021 18:18:31 0 2
bbc
The BBC never mentioned Boohoo buying Debenhams name. WHY?
98
28/01/2021 19:09:59 1 0
bbc
It was all over the BBC!
89
28/01/2021 17:37:43 4 1
bbc
It’s the same old plan. Form a company to buy up a no-hope business at rock-bottom price with debts written off, show surprise that it’s not viable, followed by selling off all the assets. Nice, unless you are one of the many that are owed money to.
Frankly, Paperchase has been on borrowed time for years.
99
28/01/2021 19:14:47 0 0
bbc
There are loads of companies who have done exactly the same both in the last recession and this time round. The difference this time is the impact of government enforced lockdown.
86
28/01/2021 17:01:02 1 1
bbc
Vae Victis
16:18
Funny how this company has just been incorporated:
https://find-and-update.company-information.service.gov.uk/company/13131751
Another "financial engineering" exercise.

**

Not really.

That's the company which has taken over the previous business. Perfectly legal and will be subject to scrutiny / approval by professional bodies and creditors.
100
28/01/2021 19:16:00 0 0
bbc
A newly incorporated business to keep operational is no easy way out.