Two potential buyers left in bid for WHSmith’s high street business
Two bidders remain in talks to acquire WHSmith’s high street business, as the retailer prepares to potentially exit from towns and cities across the UK.
Bensons for Beds owner Alteri and Modella Capital, which owns Hobbycraft, are now the only remaining parties remaining in talks with WHSmith and its advisers about a potential deal, Sky News has reported.
HMV owner Doug Putman is no longer in talks with the retailer, although the Canadian businessman could still table an offer before the auction period concludes.
This comes after it was revealed in January that WHSmith was exploring potential strategic options for its high street business, including a possible sale.
The retailer – which operates around 500 high street stores in the UK – said that it has become focused on its global travel arm, with 85% of its trading profit coming from this division.
Any potential sale could see WHSmith relinquish the rights to its brand name, meaning the retailer – which has traded since 1792 – could disappear from British high streets for good.