WH Smith name to disappear from High Street after sale
The WH Smith name is set to disappear from UK High Streets after 233 years after the firm agreed to sell its shops to Hobbycraft-owner Modella Capital.
The sale does not include the WH Smith brand, its travel shops at airports and railway stations or its outlets in hospitals.
The new owner will rebrand the network of High Street news and stationery outlets as TGJones, marking an end for WH Smith which set up its first shop in London in 1792.
Modella Capital will take over 480 stores and 5,000 staff.
WH Smiths has been a staple of UK High Streets since the Victorian era when it became the country's principal newspaper distributor.
It still sells papers and magazines, alongside books, sweets and snacks and art supplies.
WH Smiths group chief executive Carl Cowling said the £76m sale, was "a pivotal moment" for the company, which would now focus exclusively on the travel-related side of the business.
"High Street is a good business; it is profitable and cash generative with an experienced and high-performing management team," he said.
"However, given our rapid international growth, now is the right time for a new owner to take the High Street business forward."
The travel division operates more than 1,200 stores in 32 countries.
This breaking news story is being updated and more details will be published shortly. Please refresh the page for the fullest version.
You can receive Breaking News on a smartphone or tablet via the BBC News App. You can also follow @BBCBreaking on X to get the latest alerts.
WH Smith says post offices to stay if sale goes ahead
WH Smith High Street sales fall amid talks to sell stores
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
2 hours ago
- Yahoo
Poundland sold for less than £1
Poundland has been sold to the former owner of Laura Ashley for less than £1. Gordon Brothers, which backs distressed companies, has agreed to provide £80m of fresh funding as part of a rescue deal for the struggling discount retailer. The €1 (85p) sale was thrashed out overnight after the Telegraph revealed that Poundland had failed to keep up with business rates payments to scores of local councils up and down the country. With the company being chased for millions of pounds in unpaid bills, advisers scrambled to prevent the talks with Gordon Brothers from collapsing. Poundland's Polish parent Pepco has been scrambling to offload the business after it became a serious drag on profitability. Pepco crashed to a £548m paper loss in December after slashing the value of its UK arm by nearly £650m, with bosses blaming a 'significant decline in performance' and spiralling costs. Yet the sale to Gordon Brothers, which used to own Laura Ashley, represents only a partial reprieve for one of the largest retailers in the country. As part of a sweeping restructuring plan drawn up by Poundland's existing senior management, the business plans to take the axe to its sprawling estate of more than 800 stores as it desperately seeks to rein in costs. Around 150 shops have been earmarked for immediate closure, but it is thought as many as 200 could ultimately be jettisoned at the cost of thousands of jobs. The move would also represent another painful blow to Britain's dwindling high streets. The company has also identified a further 500 stores where it hopes to impose steep rent cuts on landlords. Reductions of anywhere between 10pc and 50pc will be asked for. Despite being several months in arrears on business rates, Poundland is also weighing a request for a freeze on further payments. The radical measures will be put to a High Court judge in the coming weeks for approval. Gordon Brothers said it would provide up to £80m 'to support the management team's proposed restructuring and turnaround plan'. Pepco has also agreed to provide a £30m loan as well as roll over £30m of existing debt. The sale 'marks an important milestone in our strategic plan to move away from FMCG and focus predominantly on Pepco, our higher margin clothing and general merchandise business', Stephan Borchert, Pepco's chief executive, said. 'Poundland remains a key player in UK discount retail, with millions of customers annually and a well-loved brand and proposition,' he added. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Newsweek
15 hours ago
- Newsweek
Homeowner Rips Up Carpet During Renovation—What She Finds Stuns Viewers
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. A video of a homeowner making a "jackpot" discovery beneath a carpet during renovation works has gone viral on TikTok. The clip was shared by Seren and Rhys (@our_edwardian_reno) and has garnered 513,000 views since it was posted on June 9. The short clip shows a woman peeling a carpet off the floor to reveal what appears to be Victorian tiles underneath it, according to a hashtag shared in the caption. Each tile features a blue star shape against a white backdrop, overlaid with a patterned centerpiece. "Oh my god," the caption simply says. According to another video, the tiles were found on the day the poster was adding a new doorway to their hallway. The discovery in the viral post comes amid a broader trend of Americans investing in home renovations. According to a recent survey by Houzz, a home design website, the median renovation spending in the U.S. surged by 60 percent between 2020 and 2023, rising from $15,000 to $24,000. Seven out of 10 renovating homeowners were reported to have invested in interior room remodeling in 2023, according to the report. The viral video also comes as the global flooring market was estimated to be valued at $360.7 billion in 2024 and projected to grow at a compound annual growth rate of 6.8 percent from 2025 to 2030, according to a report by Grandview Research, a market research firm headquartered in San Francisco. "Increasing demand for aesthetic, superior, and durable floor covering solutions and changing consumer trends in floor design have aided the growth of the flooring industry over the past few years," the report said. 'Dream Find' Viewers on TikTok were amazed by the incredible surprise finding beneath the carpet in the viral video. Claud said: "Holy shiz. dream find right there!" and MGW wrote: "Absolute perfection." Landstack noted: "You just hit the jackpot," and Eymer Creates said: "I would lose my life if i discovered that!" Bh_London 🇬🇧 noted: "I'd be beyond happy, just stunning." User samspam29 said: "Omg why would somebody cover that beauty up!" User Caravandays said: "What a find will look fabulous." User O'Neil noted: "ohhh so perfect, so many memories stepped over those tiles xx." Matthew Cobb called it an "amazing find," and silvia said it's an "unexpected it." Annette Whitehead wrote: "That's beautiful lucky you," and @nadine_x_13 said: "I'm so jealous." Newsweek has contacted the original poster for comment via TikTok. This video has not been independently verified. Stock image of a woman removing tape from the edge of a floor during a renovation. Stock image of a woman removing tape from the edge of a floor during a renovation. Getty Do you have a home renovation-related video or story to share? Let us know via life@ and your story could be featured on Newsweek.
Yahoo
17 hours ago
- Yahoo
Trending tickers: Intel, Tesla, GameStop, Inditex and Prudential
Shares in Intel (INTC) surged nearly 8% on Tuesday, amid hopes of easing restrictions on US chip exports to China. Following talks in London, US and Chinese negotiators announced overnight that they had agreed on a framework to restore their trade truce. There are hopes that a de-escalation in trade tensions, would lead to Washington easing curbs on US exports of semiconductors to China. Read more: Spending review: Rachel Reeves unveils more funding for schools, NHS and defence Ahead of the meeting, Kevin Hassett, director of the White House National Economic Council, told CNBC on Monday: "Our expectation is that ... immediately after the handshake, any export controls from the US will be eased, and the rare earths will be released in volume, and then we can go back to negotiating smaller matters." Prior to this latest truce announcement, chip stocks rose more broadly, with the Philadelphia Semiconductor Stock Exchange (^SOX) closing Tuesday's session up 2%. Shares in electric vehicle maker Tesla (TSLA) rose nearly 2% in pre-market trading on Wednesday morning, as the feud between CEO Elon Musk and US president Donald Trump cooled off. In a post on X on Wednesday morning, Musk said: "I regret some of my posts about president [Trump] last week. They went too far." Read more: FTSE 100 LIVE: Stocks rise as traders await UK spending review and US-China trade update Tesla (TSLA) shares tanked last week, as the public fallout between Musk and Trump escalated. The stock has recovered over the past few sessions, as tensions between the two appeared to cool off. Shares were also higher as the Tesla's robotaxi rollout gained steam. On Monday night, Tesla was listed as an autonomous vehicle (AV) operator on Austin's Transportation and Public Works website, ahead of the reported June 12 targeted start of Tesla's robotaxi service. Shares in GameStop (GME) slipped 4.2% in pre-market trading on Wednesday, after the video game retailer posted a fall in sales in the first quarter. GameStop said net sales fell to $732.4m (£543.1m) in the first quarter, down from $881.8m for the same period last year. Meanwhile, diluted earnings per share came in at $0.09, which was up from a loss of $0.11 per share in the first quarter of last year. Read more: Stocks that are trending today Russ Mould, investment director at AJ Bell, said: "GameStop shares came under pressure in pre-market trading as the one-time 'meme stock' missed revenue forecasts. "The company invests heavily in bitcoin but it seems investors still care about the core retail operations. The sales miss overshadowed better-than-expected earnings." Zara-owner Inditex ( fell 4.4% on Wednesday morning, after the Spanish clothing company reported weaker-than-expected first quarter sales. Inditex posted first quarter revenue of €8.27bn (£7bn), which was below average analyst estimates of €8.36bn, according to a Reuters report. Profit before tax was flat at €1.7bn, while net income edged just 0.8% higher to €1.3bn. Read more: Pound dips ahead of Rachel Reeves' spending review "Inditex is the eurozone's equivalent of Next (NXT.L) — a company that sets the gold standard for its sector. When it disappoints on trading, shockwaves are felt across the retail industry," said AJ Bell's Mould. "A lot of Inditex's success has come from the way its business is run. It is the master of efficiency and has fine-tuned operations so everything runs smoothly," he said. "It is able to get new designs onto the shop floor quickly so it can stay on top of latest fashion trends. It's a great position to be in, except some things are out of its control." "If the consumer is worried about the economy and is watching every penny, retailers are going to struggle to shift goods unless they discount hard," Mould added. Insurer Prudential (PRU.L) was the biggest riser on the UK's FTSE 100 (^FTSE) on Wednesday morning, up 2.4% at the time of writing. The rise in shares came following news of the US and China's latest trade truce, given Prudential is an Asia-focused financial firm. Stocks: Create your watchlist and portfolio Richard Hunter, head of markets at Interactive Investor, said: "Having flirted with its record high on several occasions yesterday, the FTSE 100 breezed past the record closing level once more at the open, driven by a rising global tide which is lifting all boats. "Stocks at the sharp end of Asian focus were particular beneficiaries, with the likes of Standard Chartered (STAN.L), Prudential and HSBC (HSBA.L) posting healthy gains, while the banks more generally resumed their onward march and selective buying among the miners typified a more risk-on approach." Read more: The UK's rental boom is over What you need to know about UK's private stock market Pisces Stocks to watch this week: TSMC, Adobe, Tesco, Bellway and Inditex
