The WHSmith name will disappear from high streets for the first time in 233 years after agreeing a £76million sale deal and name change – and fans are all saying the same thing about the stores
Many of us will remember the days of popping into WHSmith for school supplies, to find a new book, or look for a greetings card. But sadly, hundreds of the best-known retail stores will disappear from the high street.
The owner of nearly 500 WHSmith stores has agreed to sell the UK chain to Hobbycraft owner Modella Capital in a £76million deal. Like many businesses following Covid-19 and the impact of the rising cost of living crisis has left the stationary retailer struggling. The WHSmith will name will disappear after 233 years from town centres.
All the approximately 480 stores and 5,000 staff working for the high street businesses will move under Modella Capital’s ownership. Plus, the stores are due to rebrand as TGJones, the company revealed. It is believed that Post Offices within the shops will remain if the sale goes ahead.
Earlier this year, WHSmith bosses confirmed they were considering a “potential sale” of its high street stores to focus on its travel locations. The retailer, which opened its first store in 1792, had been slowly closing high street locations over the last few months. This includes nine shops this year, in locations including Basingstoke, Winton, Rhyl, and Bolton, with at least another six stores set to close in April.
While the news of the nostalgic high street name leaving the high street has saddened many shoppers, others say they are not surprised by the move.
Funky Pigeon future in doubt as WHSmith bosses look to flog it after £76m sale
After Good Morning Britain shared an update on the sale on Thursday morning – and a segment was shared on X – fans rushed to comment their thoughts.
One individual said: “Hardly surprising, they sell overpriced stuff that can be bought off amazon at half the price.” While another added: “Nobody shops there anymore.” A third chimed in: “Sad, but everything is expensive,” while another agreed: “Too expensive and not moved with the times.”
Someone else said they have no visited the store for years, writing: “Last time I entered a WHSmith was before the pandemic. Overpriced and understaffed.”
One other agreed, and commented: “When I was younger I always shopped there , however their prices kept increasing so I would look elsewhere for better deals. I only pop in from time to time to get greeting cards.”
Another noted: “Sadly their business model is massively outdated and pricing is simply ridiculous. They haven’t evolved to meet the need of customers. Shame cos their magazine and book sections are quite good but £7 for 2 pens is a bit much.”
Another person shared their opinion on why the high street name has fallen, writing: “Nostalgia was a huge part of what was keeping their brand alive. They’ve just got rid of the nostalgia. I give them three years.”
Carl Cowling, Group Chief Executive, said: “As we continue to deliver on our strategic ambition to become the leading global travel retailer, this is a pivotal moment for WHSmith as we become a business exclusively focused on travel. We have a highly successful travel business, operating in fast growing markets in 32 countries and we are constantly innovating to deliver strong returns and meet our customers’ and partners’ needs.
“Our travel business currently accounts for around 75% of the group’s revenue and 85% of its trading profit. With the ongoing strength in our UK travel division, and the scale of the growth opportunities in both North America and the rest of the world, we are in our strongest ever position to deliver enhanced growth as we move forward as a pure play travel retailer.
“As our Travel business has grown, our UK high street business has become a much smaller part of the WHSmith Group. High street is a good business; it is profitable and cash generative with an experienced and high-performing management team. However, given our rapid international growth, now is the right time for a new owner to take the high street business forward and for the WHSmith leadership team to focus exclusively on our travel business.
“I wish the high street team every success. As we look forward as a simplified, travel-focused group, I am excited about the Group’s future prospects. With a clear strategy, a strong balance sheet, and operations in high growth and attractive markets, we are well-positioned to generate substantial growth and value for all stakeholders.”
Will you miss seeing WH Smith on the high street? Comment below.
