The WHSmith branch at Westwood Cross, alongside the brands other High Street stores, will be rebranded as TGJones after a buy out by Hobbycraft-owner Modella Capital.
The £76m sale comprises 480 High Street and shopping centre branches, employing around 5,000 staff.
The WHSmith brand is not included in the sale and the Group’s travel outlets at major airport locations, hospitals and rail stations in the UK, will continue to trade.
An announcement issued today (March 28) says: “Over time, the Group has increased its focus on Travel, with 75% of the Group’s revenue and 85% of its trading profit coming from its Travel business in the last financial year.
“While profitable and cash generative, the UK High Street business has become an increasingly smaller part of the WHSmith Group.”
The announcement adds that all stores, staff, assets and liabilities of the High Street business will move under Modella Capital’s ownership. The High Street business will operate for a short transitional period under the WHSmith brand whilst the business rebrands as TGJones.
Carl Cowling, WHSmith 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.
“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.”
WHSmith branches in Ramsgate and Margate both closed last year.
Established in 1792, WHSmith’s first store was opened by Henry Walton Smith and his wife Anna in Little Grosvenor Street, London. A few decades later, WHSmith opened the first ever travel retail store in London’s Euston station in 1848
