It was first revealed in Retail Week last month (September 15) that Stationery Box was in discussions with a new backer to replace American private equity house Pricoa Capital.
Stationery Box chief executive Alan Gaynor said investment had been secured and rejected newspaper speculation that the business had been close to administration. He said: 'We have just renewed our facilities with our bank and we are not going into administration. This is an unhelpful rumour.
'On the contrary, we have another major investor with whom we have reached a full agreement and they have taken over Pricoa's position with a view to expanding the business.'
He added that the new investor would shortly announce development plans for Stationery Box that were currently being finalised.
The company has yet to report its results for the 12 months to June this year, but in its figures for the previous year it posted pre-tax profits of£1.7 million - up from£1.3 million in 2004.