Borders, the book shop chain, has sold its UK and Ireland operation to venture capitalist firm Risk Capital Partners.

RCP is to keep existing chief executive David Roche to run the chain but said it will carry out a comprehensive review to improve the business.

US based Borders is to retain a 17% stake in the UK business.

RCP, which is led by Luke Johnson a former Pizza Express chairman, owns various retail and leisure businesses including East and restaurant chain Giraffe.

David Roche, Borders UK and Ireland chief executive said: ‘It has been almost six months since we announced the start of this process back in March and we now have an agreeable result and a stimulating future that is in our own hands.’