WH Smith has announced a last-minute reduction in the sale price of its business to Modella Capital, owner of Hobbycraft, following a downturn in trading conditions. The revised cash returns are now expected to be up to £40 million, significantly lower than the initial expectation of £52 million. The high street retailer attributed this adjustment to increased caution among stakeholders concerning the future under new ownership, indicating that the original agreement became unfeasible due to changing market dynamics.
The renegotiated sale price of WH Smith to Modella Capital is now expected to be up to £40 million, down from the initial forecast of £52 million.
WH Smith stated that the soft trading has led to a more cautious outlook among stakeholders, resulting in the need for price renegotiation.
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