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WH Smith sells high street stores to Modella Capital for £76m
(Sharecast News) - WH Smith has sold its UK high street business to Modella Capital for an enterprise value of £76m on a cash and debt-free basis in a deal that will see the chain rebranded as TGJones. The retailer, which will now focus on its profitable travel outlets, said it expected net cash proceeds of around £25m when adjusted for transaction and separation costs.
It added that the deal did not include the funkypigeon.com personalised online greeting card business where strategic options were now being considered, including a possible sale.
The deal will create uncertainty over the future of the unit's 5,000 staff employed across 480 stores where sales fell 6% year on year in the 21 weeks to January 25 compared with 7% rise at its travel arm, which operates from railway stations, airports and hospitals across 32 countries.
Reporting by Frank Prenesti for Sharecast.com
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