All of WH Smith’s 480 high street stores will be rebranded as TG Jones, with travel stores unaffected, following a £76mn sale to Modella Capital.
As the deal does not include the WH Smith name, airport and train station branches will remain as WH Smith. The retail has recently focused on becoming a “one-stop-shop for travel essentials”.
The travel arm now accounts for 75% of revenue and 85% of trading profit, as the historic high street division has struggled to grow profits amid the challenges facing town and city centres. Its recent results seeing travel sales rising 15%, while high street sales fell 3%.
The high street business employs around 5,000 colleagues across nearly 500 stores, with a handover period expected.
Modella Capital will work with the management team to define and execute a strategy to introduce new ranges and other offerings in the future, while the current range of products and services, including the Post Office and Toys “R” Us outlets, will remain the same.
A spokesperson, said: “We are delighted to have been the successful bidder for one of the UK’s most iconic retail businesses. WH Smith stores are present in prime locations across many towns and cities across the country, and for more than two centuries have been an important feature in the UK retail landscape.
“Today, over one million customers visit these stores every week. Modella Capital believes strongly in the future of the high street, and we are delighted to have the opportunity to take a heritage brand and develop it further in the coming years.”
“TGJones feels like a worthy successor to the WHSmith brand. Jones carries the same sense of family and reflects these stores being at the heart of everyone’s high street.”
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