WH Smith, a historic UK retail chain established in 1792, sold its high street division to Modella Capital for £76 million, marking its exit from the British high street. With this sale, WH Smith will retain its global brand through a thriving travel division, which has become the primary focus, accounting for 75% of group revenue. As WH Smith rebrands its former stores to TG Jones, this move signifies a strategic shift toward international growth, moving away from traditional retail operations that have defined its legacy for over two centuries.
The WH Smith brand itself was not part of the sale, and will continue to exist globally through the group's fast-growing travel division, which operates retail stores in airports, train stations, and hospitals across 32 countries.
Carl Cowling, group chief executive, said the move reflects the company's shift in focus. "As our travel business has grown, our UK high street business has become a much smaller part of the WH Smith Group," he said.
High street is a good business; it is profitable and cash-generative, with an experienced and high-performing management team.
The deal signals the end of an era on British high streets, where WH Smith has long been a familiar presence in towns and cities across the country.
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