To replace these lost UK retail sites, Paperchase concessions were formed in a number of HMV and Waterstones stores during 2010.

[8] In 2010, a management buy-out was completed[9] leaving the company owned by Primary Capital Partners LLP and its board of directors.

[citation needed] As of January 2013, the company had over 130 retail points of sale, a mix of concessions and standalone stores.

The firm filed a notice to appoint administrators to give them breathing space while it worked out a rescue plan.

[13] Later that month it was announced that Paperchase would be purchased by Primera Capital through a legal entity, Aspen Phoenix Newco Limited.

[14] In August 2022, Paperchase was sold again to a private investment firm led by the retail investor Steve Curtis.