Stationery Box went into administration on Monday, it emerged today. Greek Cypriot entrepreneur Theo Paphitis bought 61 of the stores and the website prior to the appointment of administrators.

Eighty stores are in administration and are continuing to trade.

The company, which was founded in 1989, has headquarters in Warrington, Cheshire. Recent results show the company had a turnover of £46.9 million in the year to 30 June 2006

Administrator Neil Bennett of DTE Leonard Curtis said: ‘This is a well established business which, in previous years, had been successful, although more recently, it had suffered under difficult trading conditions and competition from supermarkets and the internet.

‘We are currently conducting an appraisal of the business with a view to establishing the level of interest in the stores. We have already received several expressions of interest and we are continuing to trade the shops in the short term.’