The brand looks set to disappear from the British high street
Major UK retailer WH Smith is set to close hundreds of its stores as it looks to sell all of its high street stores.
The brand is set to disappear from towns across the country after starting “secret talks” to sell its 500 high street stores earlier this year.
WHSmith opened its first branch 233 years ago, and has become a staple of the British high street.
But the retailer is looking to focus on its travel retail business providing travel essentials to people with stores in airports, train stations and hospitals.
The business has been in talks with buyers for its high street stores since January at least.
“WHSmith confirms that it is exploring potential strategic options for this profitable and cash generative part of the group, including a possible sale,” the brand said in a statement at the time.
“Over the past decade, WHSmith has become a focused global travel retailer,” the statement continued.
“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.”
Although it is still unclear who the buyers of the high street branches will be, investment firms Alteri and Modella Capital have submitted bids for the brand’s 500 high street stores.
Other interested parties include Hilco, who previously owned Homebase, and Doug Putman, who owns HMV.
Whoever does end up purchasing the high street stores will reportedly be unable to continue trading under the WH Smith name.
The Times reports that the brand name is not for sale, but that whoever does buy the stores will have a grace period where they can phase out the WH Smith branding.
The company’s high street arm is made up of around 500 stores, which employ some 5,000 people across the country.
WH Smith is looking to shift its focus to solely being on the more lucrative travel retail business, which comprises of 600 shops across airports and rail stations in the UK.
Whilst profits of WH Smith’s high street arm have flatlined, the company has seen success with its stores in airports, train stations and hospitals, where revenue rose 7% to £1.9bn last year.
The travel business now accounts for three-quarters of WH Smith’s revenue and 85 per cent of profits.
WHSmith’s first store was opened in 1792 by Henry Walton Smith and his wife Anna in Little Grosvenor Street, London.
