Paperchase’s chief financial officer David Bateman is stepping down after 17 years at the retailer, Retail Week can reveal.

Bateman joined the business in 2000 when it had an annual turnover of £15m and has been instrumental, alongside boss Timothy Melgund, in growing it to a £150m business with 200 sites internationally.

Melgund and Bateman led Paperchase through several ownership changes from private equity to a trade sale to the now defunct Borders Group, and in 2010 completed a management buyout, backed by Primary Capital, which remains the majority equity partner.

Paperchase has not made any statement regarding a successor to Bateman, who is taking a break before considering other opportunities. He will maintain an interest in the business through retaining his equity stake.

Melgund said: “David has been absolutely instrumental to the growth and success of Paperchase.

“He’s been a tremendous business partner and his fantastic retailing insight and business acumen have taken us from being a small UK retailer to one with international pedigree and significant growth potential.”

Paperchase is preparing to launch standalone stores in Chicago and, earlier this year, former Pets at Home boss Nick Wood joined the retailer as chairman.