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4w ago

WH Smith Sells High Street Stores, Ending 233-Year Presence

The £76 million sale to Modella Capital transitions 480 stores to TG Jones, as WH Smith pivots entirely to its profitable travel retail business.

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WH Smith has capitalised on the rise in passenger numbers and the relative lack of competition in transport hubs
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Overview

  • WH Smith has finalized the sale of its 480 high street stores to Modella Capital for £76 million, marking the end of its iconic brand on UK high streets.
  • The high street stores will be rebranded as TG Jones after a short transitional period, reflecting a strategic shift by WH Smith to focus on its travel retail operations.
  • WH Smith's travel division, which operates in 32 countries and generates 85% of the company's profits, will remain under its ownership.
  • The sale impacts 5,000 employees, with Modella Capital now responsible for the stores' future operations and potential restructuring.
  • Sean Toal, the current CEO of WH Smith's high street business, will continue to lead the rebranded TG Jones stores under Modella's ownership.