US book retailer Borders has agreed to sell most of its British and Irish stores to London-based private equity firm Risk Capital Partners for £10m sterling up front.
There could be an additional payment of up to £10m depending on the future performance of the business. The deal includes 41 Borders stores in the UK and one in the Republic, which is located at Blanchardstown in Dublin.
Risk Capital has set up a new company called Bookshop Acquisitions Ltd to acquire the British and Irish businesses. Borders will receive an equity interest of about 17% in the new company.
Borders is selling the businesses in order to focus on its US superstores.
