The move is backed by Valco Capital Partners, according to The Bookseller magazine.

The Bookseller quotes Downer as saying, "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."

Luke Johnson, the chairman of Risk Capital, which bought Borders UK two year ago, adds, "I am very pleased that the management of Borders are taking the business forward with a new backer, and I ...