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WH Smith’s high street stores will rebrand as TGJones after the business was sold to private equity firm Modella Capital for £76m.
The deal does not include the WH Smith brand, meaning all stores will become TGJones after a short transitional period.
WH Smith is choosing to dispose of its 500 high street stores to focus on its more profitable travel retail operation, which now makes up about 75% of the group’s revenue.
It will deliver the retailer about £25m in net cash once the transaction and separation costs are accounted for.
Carl Cowling, CEO, said it a “pivotal moment” for WH Smith.
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Morning update
British retail sales unexpectedly rose by 1% in February, fuelled by an increase in clothing and household goods.
This exceeded the 0.4% contraction expected by economists polled by Reuters, though it was still a drop after an increase off 1.4% in January.
Sagar Shah, an associate Partner at McKinsey & Company, noted that despite the increase, “the rise in sales of 1% doesn’t paint the whole picture. While volumes crept up, discounting and extended sales periods played a pivotal role.”
Supermarket volumes declined 2% year on year, following a strong rise in January 2025, according to the latest data from the Office for National Statistics.
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