The struggling Borders UK has, finally, been sold — to a group led by the unit’s own chief executive and finance director. According to a report by Katie Coyne for The Bookseller, “Philip Downer, chief executive of Borders UK, and finance director Mark Little have led a management buyout of the chain, backed by Valco Capital Partners (VCP). It follows the sale of five of the company’s store leases to New Look earlier this week.”

Terms were not revealed, but the company was bought by Risk Capital Partners just two years ago for “a maximum cost of £20m.”

In a press release, Downer says, “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. 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.”