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Wh Smith is in talks to sell its High Street stores, the retailer has announced. The firm is speaking to potential buyers of its High Street stores, which employ around 5,000 people, as it appears 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 potential sale.”
The last 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 just 15 per cent of annual group trading profits. The first travel shop opened at London's Euston station in 1848.
“Over the past decade, Wh Smith has grown into a focused global travel retailer,” the statement said.
“The group's travel business has more than 1,200 stores in 32 countries, and three-quarters of the group's revenue and 85 percent of its trading profits come from the travel business.
“There can be no certainty that any agreement will be reached, and further updates will be provided when appropriate.”
WH Smith reported pre-tax profits of £166m for the year to August 31, up from £143m a year earlier.
Profits were stable at £32m in its traditional high street business. This came despite a 2 percent drop in like-for-like sales for cost-saving efforts.
The company's first store opened on Little Grosvenor Street in London 230 years ago. It became a major British high street staple with over 520 branches currently open across the UK, largely selling books, stationary and greetings cards.
