Overview

• The sale covers about 480 high street stores and will transfer roughly 5,000 staff to Modella Capital’s ownership under the new TGJones brand.
• WHSmith agreed the transaction in March for an enterprise value of £76 million and remains on track to complete it by the end of June 2025.
• The travel retail arm, which includes outlets in airports, train stations and hospitals, recorded a 5% like-for-like sales increase in the quarter to May 31.
• Modella Capital, owner of Hobbycraft and prior backer of chains such as Paperchase and Tie Rack, will assume full control of the former WHSmith high street network.
• CEO Carl Cowling called the divestment a pivotal step in WHSmith’s strategy to become a leading global travel retailer.