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WH Smith in talks to sell high street arm WH Smith in talks to sell high street stores
(32 minutes later)
British retailer WH Smith is in talks to sell its high street arm, the business has said. British retailer WH Smith is in talks to sell its high street stores, the business has said.
In a statement on Saturday the firm said that it was "exploring potential strategic options for this profitable and cash generative part of the group, including a possible sale".In a statement on Saturday the firm said that it was "exploring potential strategic options for this profitable and cash generative part of the group, including a possible sale".
It went on to say that over the past decade, the business had become "a focused global travel retailer," with more than 1,200 stores across 32 countries.It went on to say that over the past decade, the business had become "a focused global travel retailer," with more than 1,200 stores across 32 countries.
The first of its more than 500 stores opened 230 years ago. The first of its more than 500 stores opened more than 230 years ago, in 1792, operating as a news vendor. It has since grown into a major high street and travel retailer.
The travel retail business arm of WH Smith which operates from airports, train stations and hospitals, now accounts for more than 85% of its profit, with the high street business making up the rest. The travel retail business side of WH Smith, which operates from airports, train stations and hospitals, now accounts for more than 85% of its profit. The high street business makes up the rest.
The statement added: "There can be no certainty that any agreement will be reached, and further updates will be provided as and when appropriate." The retailer said there was "no certainty that any agreement will be reached" but added it would provide updates on the possible sale.
WH Smith was valued at £1.5bn at the close of business on Friday. That figure represents the value of the entire group.
Revenue from high street stores dropped in 2024 by £17m compared with the year before, but profits stayed the same. The business closed 14 of its stores last year.
Speaking after WH Smith's most recent financial results, group chief executive Carl Cowling said: "Our UK high street business continued to deliver its strategy of managing space to maximise returns and maintaining a flexible cost structure.
"As part of this space management, we opened 30 Toys R Us shop-in-shops in the second half of the financial year, and have agreed a further 37 to open ahead of Christmas 2024."
Toys R Us went bust in 2018 and a deal was struck with WH Smith to host concessions.
In 2023, Mr Cowling told the BBC that the retailer would not be opening any more UK high street stores. Instead, it would focus on UK airports and train stations, as well as opening shops in the US and Europe.