WHSmith 'sale' as it enters 'secret talks' over all UK high street shops
Historic British retailer WHSmith could be looking to sell all its UK high street stores. As first revealed by Sky News the 230-year-old British brand is understood to have been in 'secret talks' with a possible buyer for months and could be confirming the news to the London Stock Exchange when trading resumes on Monday.
WHSmith, which has more than 500 high street stores nationwide, including dozens in the South West, and employs 5,000 staff, is understood to be interested in off-loading its high street shops and keeping the more more profitable stores in airports, train stations and hospitals.
It comes as the travel business now accounts for three quarters of the company's revenue, and 85 per cent of profits. The travel retail business comprises 600 shops in the UK, roughly half of a global operation numbering about 1,200 travel retail outlets. According to Sky News, bankers at Greenhill have been appointed to run the sale process for the high street business, with a deal expected in the coming months.
READ MORE: Millions of Brits ‘could die up to 11 years younger’ due to common condition, study finds
READ MORE: Flight attendant names the five things passengers should never do
WHSmith's first store was opened in 1792 by Henry Walton Smith and his wife Anna in Little Grosvenor Street, London. The company opened the first ever travel retail store in Euston station in 1848.
In a statement to Sky News WH Smith confirmed it was "exploring potential strategic options for this profitable and cash generative part of the Group, including a possible sale". They told the broadcaster: "Over the past decade, WH Smith has become a focused global travel retailer. "The Group's Travel business has over 1,200 stores across 32 countries, and three-quarters of the Group's revenue and 85% of its trading profit comes from the Travel business.
"There can be no certainty that any agreement will be reached, and further updates will be provided as and when appropriate."