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2w ago

WH Smith Completes £40 Million Sale of High Street Arm to Modella Capital

The £40 million deal ends WH Smith’s UK high street presence, introduces the TG Jones name across 480 outlets, clearing the way for a sole focus on its global travel retail network.

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Overview

  • WH Smith finalised the sale on July 1, transferring its 480-store UK high street division to Modella Capital for £40 million, down from a £52 million valuation agreed in March.
  • All of the chain’s approximately 5,000 high street employees moved to Modella Capital under the transaction’s asset transfer terms.
  • Modella Capital has begun rebranding former WH Smith high street shops as TG Jones, removing the legacy name from town-centre locations.
  • Following the divestment, WH Smith will concentrate exclusively on its travel retail arm, where over 1,200 airport, rail and hospital outlets generate about 75–85 percent of its profits.
  • The £12 million price reduction reflects softer trading and lower cash flow leading up to completion alongside stakeholder caution under new ownership.