Iconic excessive avenue retailer WH Smith pronounces MAJOR rebrand because it agrees £76million sale

WH Smith has agreed to sell its UK high street chain to Modella Capital in a deal valuing it at £76 million, and will eventually rebrand as TGJones, the company has announced.

The retailer said the move was intended to streamline its operations and create a pure play global travel retailer.

The company had said it was looking at potential strategic options for the business in January, which is a part of WH Smith’s travel business with around 1,200 stores across 32 countries.

The deal, which will divest roughly 500 of its high-street stores, will remove WH Smith’s exposure to the UK high street and enhance its revenue and profit growth.

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