WHSmith agrees sale of its high street shops to Modella Capital
WH Smith PLC has agreed to sell its UK high street business to Modella Capital, which plans to rebrand the shops as TGJones.
On 28 March 2025 WH Smith PLC announced that it had agreed to sell its UK high street business to Modella Capital, at an enterprise value of £76 million on a cash and debt-free basis. The business employed around 5,000 people in about 480 stores, and all of them were to transfer to the new owner.
The WHSmith brand was not part of the sale. The group kept its travel shops in airports, railway stations and hospitals, which trade as WHSmith in 32 countries, and the online greeting card business funkypigeon.com. Modella Capital, which also owns Hobbycraft and The Original Factory Shop, is rebranding the high street shops as TGJones.
The company said that in the year to 31 August 2024, travel accounted for 75% of group revenue and 85% of trading profit.
Why it matters: WHSmith's high street shops have long been an important outlet for mass-market books, particularly in towns without another bookshop. A change of owner and brand may bring changes to range, space and buying. Publishers who sell through these shops, directly or via wholesalers, may want to follow how the TGJones range develops.
Sources: WH Smith PLC: WHSmith sells UK High Street business (PDF); Retail Gazette: A closer look at Modella Capital and TGJones.