British retailer WH Smith has today agreed to sell its UK high street business to Modella Capital for £76m to streamline its operations and create a pure-play global travel retailer.
The approximately 500 stores being sold will be rebranded as TGJones by its new owner.
WH Smith will retain its profitable travel business, which has around 1,200 stores in 32 countries.
“Given our rapid international growth, now is the right time for a new owner to take the High Street business forward and for the WH Smith leadership team to focus exclusively on our Travel business,” CEO said Carl Cowling in a statement.
WH Smith’s travel business contributed 75% of the group’s revenue and 85% of its trading profit in 2024.
The company had said in January it was looking at potential strategic options for the high-street business, and later media reports said Modella Capital, which owns retailers including Hobbycraft, was one of the final bidders.
