High street stationery retailer Paperchase has fallen into administration, putting the future of its 106 stores at risk.

The company, which employs hundreds of workers, has appointed administrators from Begbies Traynor to oversee the insolvency process.

Basingstoke has a Paperchase branch in Festival Place, but it is currently unclear whether it will be one of the 106 at risk.

It comes after Paperchase failed to secure a buyer after being placed on the market by retail veteran owner Steve Curtis.

The administrators said: “On January 31, Mark Fry, Kirstie Provan and Gary Shankland, of Begbies Traynor, were appointed as joint administrators of Aspen Phoenix Newco Limited, which trades as Paperchase.

“Unfortunately, despite a comprehensive sales process, no viable offers were received for the company, or its business and assets, on a going concern basis.

“However, there has been significant interest in the Paperchase brand and attendant intellectual property.

“The joint administrators will continue trading the company’s operations in the short term, with all stores remaining open and trading as normal.”