Overview

• WH Smith has finalized the sale of its 480 high street stores to Modella Capital for £76 million, marking the end of its presence on the UK high street after 233 years.
• The stores will be rebranded as TGJones, with 5,000 staff and associated assets and liabilities transferring to Modella Capital.
• The company will retain its travel retail division, which operates in 32 countries and accounts for 75% of its revenue and 85% of its profits.
• WH Smith will receive £52 million in cash proceeds from the sale but will retain only £25 million after transaction and separation costs.
• The retailer is also exploring strategic options for its digital greetings card business, Funky Pigeon, as it focuses on expanding its travel operations.