WHSmith in talks to sell its 500-strong high street business
WHSmith has confirmed that it is exploring potential strategic options for its high street business, including a possible sale.
Responding to recent press speculation, 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.
This comes after Sky News reported that WHSmith had been in negotiations with a number of potential buyers over the last few weeks.
The retailer has reportedly appointed bankers at Greenhill to run the sales process, with a deal expected in the coming months.
WHSmith’s high street business recorded an operating profit of £32m last year and still largely sells greeting cards, books, and stationery. In comparison, the travel division has a wider offering of food and drink and technology products.
Last week, it was reported that WHSmith would be closing 17 high street stores across the UK this year as part of an ongoing restructuring strategy.
Regarding the sale of its high street business, WHSmith said there can be no certainty that any agreement will be reached, and that further updates will be provided as and when appropriate.