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Private equity giant Permira was hailed as the saviour of Paperchase last Thursday when its debt management business bought the stationery chain out of administration in a pre-pack deal that saved 1,000 jobs.
While most staff are being kept on, others have not been so lucky. The company, which was advised by PwC, plans to trim its supplier base. Those it wants to keep on have been asked to take a “haircut” to their debt — and not the Mohican kind.
Mark McCormack, co-founder of party accessories provider Talking Tables, says he was offered just 15 per cent of the £28,000 he was owed if he agreed to continue supplying Paperchase. “It’s a pretty unpleasant way of doing business,” says McCormack, 57, who has decided
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