Press Release: Miscellaneous Announcements
Management Buyout Confirmed At Borders UK
Posted at 3:32PM Thursday 16 Jul 2009
Borders (UK) Limited, the leading UK book retailer, has today confirmed the completion of the sale of its UK business to a management buyout team led by Philip Downer, Chief Executive and Finance Director, Mark Little.Since 2007, Borders has traded effectively with the support of Risk Capital Partners, following the sale of the business by Borders Group, Inc. More recently, RCP and the existing management team have been seeking a new investor to take the business forward. The buyout, funded by Valco Capital Partners ("VCP"), follows the sale of five of the Company's store leases to New Look. Other companies supported by VCP include Denby Pottery, the 200-year-old manufacturer of premium tableware, and Clipper Marine, a fast-growing leisure boat company. Luke Johnson of Risk Capital said: "I am very pleased that the management of Borders are taking the business forward with a new backer, and I hope they achieve lasting success." Philip Downer, Chief Executive, said: "We are delighted that we have been able to secure the future for Borders in what are exceptional times for UK retailing and the global economy. The Borders management team looks forward to continuing to develop our innovative approach to bookselling, driving sustained growth and success in the future, and strengthening our unique position in the UK book market."
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