WH Smith, one of the UK’s oldest and most recognisable retail brands, is set to vanish from the high street after 233 years following the sale of its high street division to Modella Capital for £76 million.
The historic books and stationery chain, established in 1792, has sold its entire portfolio of 480 UK high street stores — along with 5,000 staff and associated assets — to Modella, the owner of Hobbycraft and The Original Factory Shop. The shops will be rebranded as TG Jones, marking the end of the WH Smith name on Britain’s high streets.
The WH Smith brand itself was not part of the sale, and will continue to exist globally through the group’s fast-growing travel division, which operates retail stores in airports, train stations, and hospitals across 32 countries.
Carl Cowling, group chief executive, said the move reflects the company’s shift in focus. “As our travel business has grown, our UK high street business has become a much smaller part of the WH Smith Group,” he said. “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 WH Smith leadership team to focus exclusively on our travel business.”
WH Smith opened its first store in Little Grosvenor Street, Mayfair in 1792, founded by Henry Walton Smith and his wife Anna. The company pioneered travel retail in the UK, opening its first railway station store at London Euston in 1848.
In recent years, the business has become increasingly reliant on its travel division, which accounted for 75 per cent of group revenue and 85 per cent of trading profit in the last financial year.
The deal signals the end of an era on British high streets, where WH Smith has long been a familiar presence in towns and cities across the country. Under Modella Capital, the stores are expected to retain their core retail offering, but with a new identity and operational direction under the TG Jones brand.
