The Bookseller.com

11th October 2008

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Johnson: 'turnaround' at Borders

24.01.08 Graeme Neill

Borders has built up a £15m cash pile after a better than expected performance over Christmas.
Luke Johnson, the Channel 4 chairman who heads Borders' new owner Risk Capital Partners, said he was pleased with Borders' performance so far since the acquisition in September. "It is a turnaround and it is very early days, but the business is stabilised and reasonably well-positioned," he said.

Like-for-like sales at Borders rose 2.9% in the five weeks to 5th January, and margins were maintained. The solid sales performance, teamed with tight cost controls, helped generate net cash in the Borders business of £15m at its year-end this month. Johnson also said Borders would make more than the £2m profit it made last year.

Borders Graeme Neill Luke Johnson