Sector: Consumer & Retail

Paperchase is the UK’s leading specialist retailer of design-led stationery, greetings cards and gifts

Business Overview

  • Founded in London in 1968, Paperchase is a multi-channel retailer taking inspiration from current fashion trends and translating them onto a wide range of stationery, cards, gift wrap and gifts
  • The majority of sales are generated from in-house designs with a constant flow of new ranges and collections every 4-6 weeks
  • It has over 120 standalone Paperchase stores and over 50 concessions in Selfridges and House of Fraser in the UK and outlets in Ireland, Netherlands, Denmark, France, Germany, USA, Canada and the Middle East

Investment Thesis

  • Market leading presence in a stable market
  • Strong brand with a loyal customers base
  • Proven and replicable growth strategy
  • Strong operating cash conversion


  • Won in competitive process versus other lenders based on relationship with management and sponsor
  • Sole lead arranger
  • Strong industry knowledge within Permira from previous / existing consumer investments