WH Smith bought and High Street fav may have a brand new title after £76million deal

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

Historic UK high street has secured its long term future with Hobbycraft-owner Modella Capital acquiring the 500-store strong portfolio of WHSmith.

The sale does not include the retailer’s travel locations, such as shops in airports and train stations – nor the WHSmith brand.

All the approximately 480 stores and 5,000 staff working for the high street businesses will move under Modella Capital’s ownership as part of the deal.

The estate – not including the travel locations – are set to rebrand as TGJones, the company revealed.

Group chief executive Carl Cowling said: “As we continue to deliver on our strategic ambition to become the leading global travel retailer, this is a pivotal moment for WHSmith as we become a business exclusively focused on travel As our travel business has grown, our UK high street business has become a much smaller part of the WHSmith Group.

“High Street is a good business; it is profitable and cash generative with an experienced and high-performing management team.

“However, given our rapid international growth, now is the right time for a new owner to take the high street business forward and for the WHSmith leadership team to focus exclusively on our travel business. I wish the High Street team every success.”

Previously, the business has struggled with declining sales and customer numbers, making only £32million in profit for the year ending in August 2024. Due to this, reports have suggested the brand will focus on its sites in airports as well as putting the portfolio up for sale.

Earlier this month, and speaking exclusively to the Daily Star, entrepreneur, leadership mentor, and philanthropist Mike Greene claimed the recent issues of the company are down to the brand’s “failure to evolve”.

That has, he claimed, led it to the path of being almost on the brink of destruction at one point.

He said: “They’ve been around for decades, but most of their core categories have changed beyond recognition. They offer post office services, but stores aren’t open when customers need them. They sell books, yet e-books and Audible have overtaken the market.”