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WH Smith is in talks to sell its high street shops, the retailer has announced. The firm is talking to prospective buyers for its high street stores – which employ around 5,000 people – as it looks to focus on its travel branches.
In a statement, WH Smith said it is “exploring potential strategic options for this profitable and cash generative part of the group, including a possible sale.”
The past decade has seen the retailer focus on its more fruitful travel business operating from airports, train stations and hospitals, with its high street business accounting for only 15 per cent of the annual group trading profit. The first travel store was opened in London’s Euston station in 1848.
“Over the past decade, WH Smith has become a focused global travel retailer,” the statement said.
“The group’s travel business has over 1,200 stores across 32 countries, and three-quarters of the group’s revenue and 85 per cent of its trading profit comes from the travel business.
“There can be no certainty that any agreement will be reached, and further updates will be provided as and when appropriate.”
WH Smith reported pre-tax profits of £166m for the year to 31 August, up from £143m the previous year.
Earnings remained flat at £32m in its traditional high street business. This came despite a 2 per cent drop in like-for-like sales owing to cost-saving efforts.
The company’s first store was opened in Little Grosvenor Street in London 230 years ago. It grew into one of the major staples of the British high street with more than 520 branches currently open across the UK, selling largely books, stationary, and greeting cards.