The team, led by chief executive Philip Downer , confirmed it had completed a management buyout deal with Risk Capital Partners which has funded the UK arm since the US Borders Group sold the books to music business in 2007.
The buyout has been funded by Hilco’s private equity arm Valco Capital Partners (VCP), which is also involved in backing a pottery manufacturer and a leisure boat company.
Risk Capital appointed Clearwater Corporate Finance to attempt to find a buyer at the end of May. The bookseller had struggled in a declining books market, as sales move online to sites such as Amazon.
“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,” says Downer.
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,” he adds.
It is not clear if the recently hired marketing chief Simon Moore, who took over from Steph Little in April, is part of the management buyout team.