WHSmith-branded stores will disappear from UK high streets following the company’s decision to sell its entire high street division to Modella Capital for £76 million.
The deal, announced on Friday, will see the 480 high street, shopping centre, and retail park locations rebranded as TG Jones, marking the end of WHSmith’s presence on Britain’s high streets after more than two centuries.
The sale allows WHSmith to concentrate fully on its growing travel retail business, which has become the core driver of the company’s revenue and profit.
WHSmith stores in airports, train stations, and hospitals will continue operating under their existing name.
Carl Cowling, WHSmith’s chief executive, described the move as a “pivotal moment” for the company as it shifts its focus entirely to travel retail.
“As our travel business has grown, our UK high street business has become a much smaller part of the WH Smith Group. High street is a good business; it is profitable and cash-generative with an experienced and high-performing management team,” he said.
“However, given our rapid international growth, now is the right time for a new owner to take the high street business forward.”
A new chapter for WHSmith’s high street stores
Modella Capital, a UK consumer and retail investment firm that also owns HobbyCraft, will take control of WHSmith’s high street business under the new name TG Jones.
The company has assured customers that the stores will continue to sell the same products and services, including the Post Office, and will trade as normal during the transition.
Modella stated that the name TG Jones was chosen as a “worthy successor” to WHSmith, carrying a “sense of family” and reflecting its place in local communities.
The firm also emphasised its commitment to the high street, countering speculation that store closures might be considered.
The deal, structured on a cash- and debt-free basis, comes amid a period of uncertainty for UK high street retailers, which have struggled against online shopping trends and rising operational costs.
High-profile collapses of major chains such as Debenhams and Topshop in recent years have highlighted the challenges faced by brick-and-mortar stores.
WHSmith’s transition to a global travel retailer
WHSmith was founded in 1792 as a family-run newsagent and has long been a staple of the UK high street.
However, over the past decade, the FTSE 250 company has pivoted towards international travel retail, expanding its presence through acquisitions such as the $400 million purchase of Marshall Retail Group in the US in 2019.
The shift away from high street retail had been anticipated, with WHSmith confirming in January that it was in talks to sell the division.
The company’s travel retail segment, which operates in airports, train stations, and hospitals across multiple countries, now accounts for the majority of its sales and profits.
While the WHSmith brand will disappear from high streets, the company’s legacy in travel retail remains intact.
Its first travel-focused store opened at London’s Euston station in 1848, a business model that has since grown to become WHSmith’s main source of revenue.
With the sale expected to be completed later this year, WHSmith’s transformation into a pure travel retailer marks the end of an era for one of the UK’s longest-running high street names.
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