Borders announces UK and Ireland sale
24 September 2007 10:02
Borders has announced the sale of its UK and Ireland business to a private equity company for a £10 million up-front cash payment plus an additional payment of up to £10 million of deferred cash consideration, conditional on the future performance of the business. The deal will include all 42 Borders superstores and 28 Books etc stores owned by the group, covering about 2,000 staff, but does not include the Paperchase stationery chain, bought by Borders in 2004. The sale to Risk Capital Partners (RCP), which also owns fashion retailer East and the Giraffe restaurant chain, follows a review of international operations by the US-based books giant. In a statement, chief executive officer George Jones said: "This sale allows us to focus investment and resources on our core business, which is the US superstore segment, and gives the UK and Ireland business the opportunity to succeed with the focus and investment Risk Capital Partners will bring. In addition, the equity interest Borders Group received allows our company to participate in the potential future upside of the UK business".
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