WH Smith's £76M High Street Sale to Modella

WH Smith, a longstanding presence on the UK high street since 1792, is selling its high street business to Modella Capital for £76 million, marking the end of its high street operations. The sale includes 480 stores and 5,000 employees, with the brand set to be rebranded as TGJones, while WH Smith will focus on its successful travel retail business in airports and train stations, which operates across 32 countries. This strategic shift is aimed at enhancing WH Smith's profitability and growth by concentrating solely on its travel sector, which has become the core of its business, contributing significantly to its revenue and profits. The new owner, Modella Capital, plans to retain the product offerings and services of the acquired stores, though analysts speculate that only the most profitable stores will continue operations. This move reflects the broader struggle of the UK high street, which has seen numerous closures post-pandemic. WH Smith is also considering the sale of its digital greetings card business, Funky Pigeon, as part of its strategic refocus.