US EditionSEVEN WHSmith stores in Oxfordshire set to rebrand after takeover
- WHSmith, led by Group Chief Executive Carl Cowling, has agreed to sell its UK high street chain, consisting of approximately 480 stores across the country, to Modella Capital for £76 million, with the intention to rebrand them as TGJones.
- This decision comes as the high street business, despite being profitable and cash-generative, now only accounts for about 15% of the annual group trading profit, while the travel business has grown to represent 75% of revenue and 85% of trading profit.
- The transaction includes all stores, colleagues , assets, and liabilities moving to Modella Capital, with the high street chain operating under the WHSmith brand for a short transitional period before the rebrand to TGJones.
- Carl Cowling stated, "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," emphasizing the company's shift towards its more successful travel retail sector operating in 32 countries.
- The sale allows WHSmith to focus on its rapidly growing international travel business, with opportunities in the UK, North America, and the rest of the world, while concerns have been raised about potential job cuts and store closures following the acquisition, although Modella Capital intends to maintain existing products and services like the Post Office.
27 Articles
27 Articles
As WHSmith becomes TG Jones, can you remember famous brands' original names?
IT’S synonymous with last-minute school supplies and panic buying sweets or books at the airport. But brace yourselves, WHSmith lovers, for the high street store is to be no more . . . in name, at least. AlamyWHSmith is changing its name to TGJones after being bought by Modella Capital[/caption] GettyMichael Jordan wears Nike trainers as he bosses it on the court for the Chicago Bulls in 1989[/caption] This week, the UK chain was officially boug…
birminghamworld.uk
nottinghamworld.comWatch daily business briefing March 28: WH Smith sells high street stores, Trump trade war concerns
WH Smith has sold its UK high street stores to Modella Capital in a £76m deal, rebranding them as TGJones. The travel sites and brand remain unchanged. Meanwhile, UK steers clear of a trade war over Trump’s car tariff concerns.
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