Borders sells UK stores for £10m

Source: Exec Digital UK

Date :21/09/2007 16:50:28

Book chain Borders has sold its UK and Republic of Ireland stores to private equity group Risk Capital Partners for an initial $20m (£10m).

London-based Risk Capital is buying all 42 Borders superstores in the UK and Republic of Ireland, as well as the 28 branches of sister outlets Books Etc.

Depending on the stores performance, Risk Capital - led by Channel 4 chairman and entrepreneur Luke Johnson - could pay an additional £10m.

Risk Capital has set up a new company called Bookshop Acquisitions Ltd in order to acquire the stores.

The US-based bookstore has over 1,200 stores worldwide.

It is selling the stores so it can concentrate on its US superstores.

Borders will receive an equity interest of 17 percent in the new company.

September 21 2007

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