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Modella Capital has announced that it has acquired the UK high street operations of WHSmith, business based on an enterprise value of £76m.
The acquisition covers around 480 stores on high streets, shopping centres and retail parks across the UK. As part of the deal, the high street stores will be rebranded as TGJones.
WHSmith will retain its stores in airports, hospitals, railway stations and motorway service areas in the UK, as well as its significant operations in other countries.
The high street stores will keep the same products and services, including the Post Office and Toys “R” Us, and continue to trade as normal while Modella Capital works with the management team to define and execute a strategy to introduce new ranges and other offerings in the future.
A Modella spokesperson said: “We are delighted to have been the successful bidder for one of the UK’s most iconic retail businesses. WHSmith 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.
“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. There will be a handover period in the immediate term, and it is very much business as usual whilst we work closely with the management team to define and execute a strategy to introduce new ranges and other offerings in the future.”
Sean Toal, CEO of the new TGJones business, added: “Selling the High Street business has been a significant milestone for the WHSmith Group, and I am delighted that we have agreed a sale with Modella Capital who, I know, will be supportive new owners.
“I’m incredibly proud of everything we’ve achieved as a High Street team and this next chapter presents exciting opportunities for growth, innovation, and continued success for the business and our talented colleagues. I have every confidence that under Modella’s leadership, the business will go from strength to strength, and I look forward to all that we can achieve together in the future.”
