WHSmith brand to disappear off high streets forever after all 500 shops are sold in £76million deal
WH SMITH will disappear off the high street forever after all 500 of its shops have been sold in a £76million deal.
The 232 year-old British business has agreed to sell the chain to Modella Capital, with the stores eventually rebranded as TGJones.
It comes after WHSmith said it was looking at offloading 500 high street stores in January.
Around 5,000 people are employed across the high street shops.
Carl Cowling, chief of the high street brand described the move as a “pivotal moment”.
WH Smith has been slowly shifting away from its shops in town centres and shopping outlets at it turns its focus to its more lucrative travel brand.
He said: “We have a highly successful Travel business, operating in fast growing markets in 32 countries and we are constantly innovating to deliver strong returns and meet our customers’ and partners’ needs.
“Our Travel business currently accounts for around 75% of the Group’s revenue and 85% of its trading profit.”
The store has over 580 Travel stores across airports, hospitals, railway stations and motorway service areas which will continue to live on.
Last January, the stationer said it wanted to open 15 new shops in airports, railway stations and hospitals before the end of 2024.
This formed part of wider plans to open 110 new branches worldwide.
It also said in November it will close up to 20 stores each year over the next three years, the vast majority of which are on the high street.
WHSmith’s results for the 21 week period to January 25, 2025, revealed its travel stores were trading well, with revenue across North America stores up 3% like-for-like.
There has been much interest in the brand portfolio, with HMV owner Doug Putman expressing interest in the brand.
WH Smith was also in discussion with private equity group Alteri Investors.
New owners Modella have a history of snapping up iconic British stores.
Last August, the retail investor bought Hobby Craft and just last month snapped up The Original Factory shop.
WH Smith has already reduced its portfolio of stores massively, with plans to shut 20 of its sites by May.
TROUBLE ON THE HIGH STREET
WH Smith’s departure from the high street will come as a blow to many shoppers.
The once seemingly destructible brand was loved by many, with generations of customers flocking their to buy everything from Vinyl records to sweets.
It comes just a few years after rival Wilko collapsed, with the brand partially rescued by The Range,