Paperchase is being sold by Permira Credit to a consortium led by Steve Curtis and backed by Retail Realisation.
Sky News has reported that the purchase of the high street stationer is being fronted by Curtis, an executive who has led investments in chains such as Tie Rack.
Sources said on Thursday that the deal was expected to be confirmed before the end of the week.
Paperchase was put up for auction 18 months after it became one of the numerous retail casualties of COVID-19, having undergone a pre-pack administration in January 2021.
