WH Smith is selling its 480 high street stores to Modella Capital, the owner of Hobbycraft, in a £76m deal. Following this sale, the 233-year-old brand will no longer have a presence on the high street after a brief transition period. The stores will be rebranded as TGJones, while WH Smith will continue to use its brand name for its travel shops.

According to the deal, the high street business, which employs 5,000 staff, will be rebranded as TGJones. WH Smith will retain its brand for its travel shops. The books and stationery retailer will keep its almost 1,300 travel stores and online business. It is also considering selling its digital greetings card business, Funky Pigeon, as part of its strategic options.

Industry experts previously predicted that at least half of the 480 WH Smith high street stores could close after the sale, possibly leading to significant job cuts. However, the deal gives the high street business an enterprise value of £76m on a cash and debt-free basis. WH Smith will receive £52m in cash proceeds but will only retain £25m after holding back transaction and separation costs.

Carl Cowling, the group chief executive at WH Smith, stated that the company is focused on becoming the leading global travel retailer. As its travel business has grown, the UK high street business has become a smaller portion of the group. Cowling believes it is the right time for a new owner to take the high street business forward.

WH Smith reported that in its last financial year, three-quarters of group revenues and 85% of trading profit were generated by its travel business, which operates in 32 countries. In the year ending August, the travel operation reported £1.46bn in revenue and £189m in profit.

Source: https://www.theguardian.com/business/2025/mar/28/wh-smith-brand-to-disappear-as-76m-sale-of-stores-to-modella-agreed