Johnson: 'turnaround' at Borders

<p>Borders has built up a &pound;15m cash pile after a better than expected performance over Christmas.<br />Luke Johnson, the Channel 4 chairman who heads Borders&#39; new owner Risk Capital Partners, said he was pleased with Borders&#39; performance so far since the acquisition in September. &quot;It is a turnaround and it is very early days, but the business is stabilised and reasonably well-positioned,&quot; he said.</p><p>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 &pound;15m at its year-end this month. Johnson also said Borders would make more than the &pound;2m profit it made last year.</p>