WHSmith ‘in secret talks to sell 600 UK high street stores’ 230 years after opening first shop
WHSmith ‘in secret talks to sell 600 UK high street stores’ 230 years after opening first shop
Share:
WHSmith are reportedly in "secret talks" to sell 600 UK high street stores more than 230 years after opening their first shop. The retail group been in negotiations with a number of prospective buyers of the division for several weeks, according to Sky News.
WHSmith could confirm the plan in a statement to the London Stock Exchange as early as next week, reports the outlet. The company's high street arm comprises roughly 500 stores, employing about 5,000 people across the country. It is currently part of the same group as WHSmith's faster-growing, more profitable travel retail business which operates from airports, train stations and hospitals.
The travel retail business comprises 600 shops in the UK, roughly half of a global operation numbering about 1,200 travel retail outlets. The identities of the likely buyers were unclear on Saturday, reports Sky. WH Smith's high street division, which recorded flat operating profit of £32m last year, still largely sells greeting cards, books and stationery.
Meanwhile, the travel arm has a wider offering of food and drink, and technology products. The travel business now accounts for 75 per cent of the company's revenue, and 85 per cent of profits. It is growing particularly quickly in the US market. It comes after WH Smith confirmed yet another closure after revealing 17 stores would shut for good in the coming months.
