WHSmith to Sell High Street Division for £1.5B

WHSmith, a 233-year-old high street retailer, is reportedly in secret talks to sell its entire UK high street division, consisting of around 500 stores and employing 5,000 people, as it shifts focus to its more profitable travel retail business. The high street division contributed £32 million in profit last year, but the travel arm now accounts for 75% of the company's revenue and 85% of its profits. The company, valued at nearly £1.5 billion, is expected to confirm the sale plan to the London Stock Exchange soon, although the identities of prospective buyers remain undisclosed. This strategic move aligns with WHSmith's expansion in the travel sector, particularly in North America, while it continues to grow its operations in hospitals and transportation hubs. The potential sale marks a significant shift in British retail history, reflecting broader changes in consumer behavior and the challenges faced by traditional high street stores. The sale process is being managed by bankers at Greenhill, with a deal anticipated in the coming months.