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Scotsman
21-07-2025
- Business
- Scotsman
Sadness as famous name departs UK high streets
Yet that stalwart of British shopping, WHSmith, is disappearing from the nation's high streets for good. The stationery giant agreed earlier this year to sell its high street shops to the Hobbycraft owner, Modella Capital. The new owner is taking over around 480 stores with 5,000 staff but is rebranding the high street chain as TGJones - a name it said has the same 'sense of family' as WHSmith. WHSmith stores will continue to operate under the traditional name at airports and railway stores across the UK and abroad. Posting on Instagram on June 30, WHSmith said: 'After 200 years, today we say goodbye to our high street business. 'We're proud to have been a part of the UK high street, working alongside many fantastic colleagues. 'But today, we're a global travel retailer who serves customers on the go from stores across the world. So now is the right time for the high street business to move forward under new owners. 'A massive thank you to all our customers and colleagues for your support over the years. See you on your next journey soon! 'For all your books, stationery and gifting needs, make sure you follow and head to your nearest @tgjonesuk.' Customers have reacted to the news with great sadness. One person wrote: 'Thank you WHSmith for keeping me stocked up with school supplies as a child and books as an adult. You will be greatly missed!' Another person commented: 'It's a sad day. WHSmith played a big part of my childhood and getting my favourite magazines such as Jackie, Just Seventeen and Smash Hits. And a third person said: 'This is so sad! WHSmith was my window to another world! I would get all my mags from here, even recently before the one in Wolverhampton train station closed.' But another person pointed out that WHSmith had sold its high street stores 'whilst you retain the arm at airports and stations that charges £3 for a bar of chocolate that costs 80p everywhere else'. WHSmith was founded in 1792, with Henry Walton Smith and his wife Anna opening the first shop on Little Grosvenor Street, in London. The first travel outlet opened at London's Euston railway station in 1848, and the firm now has more than 1,700 stores across more than 30 countries. These nostalgic photos look back WHSmith over the years in the UK, from early black and white photos to pictures of celebrity book signings and customers queueing for the latest Harry Potter books during the noughties. What are your memories of WHSmith and what do you think of another famous name disappearing from the UK's high streets? Let us know in the comments section. 1 . 80s computer A young boy looking at Acorn Electron computer and monitor in a WHSmith shop in Waterloo, London, in December 1984 | Getty Images Photo: Terry Disney/Daily Express/Hulton Archive Photo Sales 2 . 1920s WH Smith & Sons, Isle of Wight, in around the 1920s | Getty Images Photo: Kirk and Sons of Cowes/Heritage Images Photo Sales 3 . Book signing Excited fans wait in the queue for Katie Price at her book signing at WHSmith in Lancaster | National World Photo: Garth Hamer Photo Sales 4 . Trevor Brooking The England and West Ham footballer Trevor Brooking signs books at WHSmith in Ilford in October 1981 | Getty Images Photo: Steve Rapport Photo Sales
Scotsman
21-07-2025
- Business
- Scotsman
Sadness as famous name departs UK high streets
Yet that stalwart of British shopping, WHSmith, is disappearing from the nation's high streets for good. The stationery giant agreed earlier this year to sell its high street shops to the Hobbycraft owner, Modella Capital. The new owner is taking over around 480 stores with 5,000 staff but is rebranding the high street chain as TGJones - a name it said has the same 'sense of family' as WHSmith. WHSmith stores will continue to operate under the traditional name at airports and railway stores across the UK and abroad. Posting on Instagram on June 30, WHSmith said: 'After 200 years, today we say goodbye to our high street business. 'We're proud to have been a part of the UK high street, working alongside many fantastic colleagues. 'But today, we're a global travel retailer who serves customers on the go from stores across the world. So now is the right time for the high street business to move forward under new owners. 'A massive thank you to all our customers and colleagues for your support over the years. See you on your next journey soon! 'For all your books, stationery and gifting needs, make sure you follow and head to your nearest @tgjonesuk.' Customers have reacted to the news with great sadness. One person wrote: 'Thank you WHSmith for keeping me stocked up with school supplies as a child and books as an adult. You will be greatly missed!' Another person commented: 'It's a sad day. WHSmith played a big part of my childhood and getting my favourite magazines such as Jackie, Just Seventeen and Smash Hits. And a third person said: 'This is so sad! WHSmith was my window to another world! I would get all my mags from here, even recently before the one in Wolverhampton train station closed.' But another person pointed out that WHSmith had sold its high street stores 'whilst you retain the arm at airports and stations that charges £3 for a bar of chocolate that costs 80p everywhere else'. WHSmith was founded in 1792, with Henry Walton Smith and his wife Anna opening the first shop on Little Grosvenor Street, in London. The first travel outlet opened at London's Euston railway station in 1848, and the firm now has more than 1,700 stores across more than 30 countries. These nostalgic photos look back WHSmith over the years in the UK, from early black and white photos to pictures of celebrity book signings and customers queueing for the latest Harry Potter books during the noughties. What are your memories of WHSmith and what do you think of another famous name disappearing from the UK's high streets? Let us know in the comments section. 1 . 80s computer A young boy looking at Acorn Electron computer and monitor in a WHSmith shop in Waterloo, London, in December 1984 | Getty Images Photo: Terry Disney/Daily Express/Hulton Archive Photo Sales 2 . 1920s WH Smith & Sons, Isle of Wight, in around the 1920s | Getty Images Photo: Kirk and Sons of Cowes/Heritage Images Photo Sales 3 . Book signing Excited fans wait in the queue for Katie Price at her book signing at WHSmith in Lancaster | National World Photo: Garth Hamer Photo Sales 4 . Trevor Brooking The England and West Ham footballer Trevor Brooking signs books at WHSmith in Ilford in October 1981 | Getty Images Photo: Steve Rapport Photo Sales
Daily Mail
09-07-2025
- Business
- Daily Mail
WH Smith's high street rebrand begins and its new name has people asking questions
The new private equity owners of WH Smith's high street stores have already started their rebranding efforts, to the dismay of some shoppers. Hobbycraft owner Modella Capital snapped up WH Smith high street shops last month, for less than the £76million initially agreed. Following the deal, the name WH Smith is disappearing from the high street, marking the end of an era for a business that began in 1792. Modella is erasing WH Smith and replacing it with TGJones branded stores and products. While the sale only applied to its high street presence and excluded the group's travel business, the TGJones rebrand has already hit the WH Smith website. The website now redirects to and WH Smith can now be found online at Shoppers pondering whether TGJones is a real person, perhaps with solid connections to news, books or stationery, will be disappointed. The private equity firm previously said TGJones 'carries the same sense of family and reflects these stores being at the heart of everyone's high street', but does not refer to a 'specific person'. By contrast, WH Smith gets its name from founder Henry Walton Smith, who was a news vendor in London in the eighteenth century alongside his wife Anna. While it is still early days for the TGJones rebranding, some shoppers are unimpressed by the changes. One poster on X, formerly Twitter, said: 'I'll never buy anything from TG Jones'. Another X poster shopping in Newbury, said: 'Planning has gone in for the new TGJones sign in Newbury, if that's what the actual logo looks like that awful! Reminds me of the awful WHS rebrand they tried.' Whilst the reasoning behind changing well known brand name of WH Smith to TG Jones may make sense at board level, it feels reminiscent to us of WPP replacing great agency names with VML. — Stan/Lee (@StanLeeTweets) July 2, 2025 A similarly unimpressed poster on X, said: 'Whilst the reasoning behind changing well known brand name of WH Smith to TGJones may make sense at board level, it feels reminiscent to us of WPP replacing great agency names with VML.' While displaying a video with the caption 'This is sick', a further poster on X said of the name change: 'The name "TGJones" is not an individual's name, but a fabricated name meant to evoke a sense of familiarity and a family-oriented business, similar to the original.' Some shoppers incorrectly speculated that the rebranded name referred to Thomas George 'TG' Jones, who played football for Everton and Wales in the 1930s and 1940s, and died in 2004. Modella has maintained WH Smith's signature blue and white theme on high street shop-fronts. 'Clearly the plan in the first instance is to emphasise continuity, but, there is an argument where maybe it would have worked better for the brand to look completely different', retail consultant Graham Soult told Retail Gazette. Modella has said it will keep the Post Office outlets that operate in many branches. WH Smith is the latest in a string of once-ubiquitous names to disappear from high streets, including BHS, Debenhams, Littlewoods, Topshop and Woolworths, and many rebrandings have a patchy history of working out. Ill-fated brand name changes include the Post Office's attempt to name itself Consignia and finance firm Aberdeen's decision to rename itself Abrdn. Aberdeen has since reversed this decision. What do we know about Modella Capital? London-based private equity firm Modella has links to private equity house R Capital and is chaired by Steve Curtis, who has 40 years of retail sector experience and is connected to the rescue efforts and subsequent sales of Ted Baker, Paperchase and Jigsaw. Modella has taken over 480 WH Smith shops in retail parks, shopping centres and on high streets, including 5,000 staff. However, the deal did not include WH Smith's travel locations, such as shops in airports and train stations, which will stay as WH Smith. The deal also did not include the sale of the WH Smith brand. Modella prefers to stay low key, but is evidently on an acquisitional spree. The WH Smith deal marked its largest acquisition to date and its fourth retail acquisition in eight months. The private equity firm acquired 120-strong out-of-town operator Hobbycraft in August 2024, before acquiring the 180-store value operator The Original Factory Shop in February this year. Having secured WH Smith high street shops, they have reportedly turning their attention to the kitchenware chain Lakeland as their next takeover target.
Daily Mail
02-07-2025
- Business
- Daily Mail
First newly branded WHSmith is unveiled after it was revealed iconic name would vanish from British high streets
The first newly branded WH Smith has been unveiled after it was revealed the iconic name of the iconic British high street chain would be changed as part of its sale. The 233-year-old brand has been a staple in Britain's town centres for centuries, having been founded by Henry Walton Smith in London in the Georgian era. And just days after the finalisation of a multi-million pound deal, residents in Bromley, south east London saw the new branding taking effect. At the end of June, the retailer completed the sale of its business for less than initially agreed after a demand slowdown forced the renegotiation of terms. The group agreed a £76million sale of the high street business to Hobbycraft owner Modella in May as it transitions to a 'pure play' travel retailer, focusing efforts on its stores in train stations and airports. As part of the sale, the iconic WH Smith brand name was replaced with the TGJones brand. A WH Smith store on High Street in West Wickham, was spotted with a simple bright blue sign with white writing spelling out TG Jones. New owners Modella said TGJones 'carries the same sense of family and reflects these stores being at the heart of everyone's high street', but does not refer to a 'specific person'. Modella - which is also looking at buying Lakeland - took over the 480 stores and 5,000 staff working in retail parks, shopping centres and on the high street last week. While stores are already seeing new signs going up, the renaming of shops does not extend to WH Smith's travel locations in airports and train stations, which will stay as 'WH Smith'. The travel division, which has become the key focus of the group in recent years and also includes shops in hospitals, will not be changing. That makes up the bulk of its sales and profits, and has grown to more than 1,200 stores across 32 countries. Modella Capital specialises in investing in retailers. It has previously put money into chains including Paperchase and Tie Rack. Last August, it snapped up arts and crafts retailer Hobbycraft for an undisclosed sum. It then bought The Original Factory Shop last month. Sean Toal, chief executive of the new TGJones business, said: '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.' The WH Smith sale follows a period of uncertainty where a number of potential buyers were believed to be in the running to snap up the historic chain. It is understood that private equity groups Hilco and Alteri were among parties to raise interest over a possible takeover move, after WH Smith launched the process late last year. The original sale was completed for a reduced fee after its owners said 'the future of the high street business under a change of ownership has led to a more cautious outlook amongst stakeholders', and demand had softened. This has 'resulted in a reduction in the ongoing cash flow of the business', the group said, leading to Modella seeking amendments to the transaction. WH Smith will now receive an up-front consideration of £10million at completion, and up to £20million of deferred consideration whereby the retailer and Modella equally share in the cash flow generation of the business to August 2026. It will also receive up to £10m of additional proceeds based on 'timing and realisation of certain tax assets within the high street business', WH Smith said. The group added: 'WHSmith expects gross cash proceeds of up to £40million. 'This compares to the previous announcement of £52million of gross cash proceeds. Transaction and separation costs remain unchanged at £27million. WH Smith shares sank 5.5 per cent to 1,067p in early trading. The retailer also told shareholders it now expects headline net debt as at 31 August 2025 to be around £425million.
Times
30-06-2025
- Business
- Times
WH Smith cuts sale price of high street stores
WH Smith has knocked down the sale price of its high street business by £12 million after trading deteriorated in recent weeks. Shares in the FTSE 250 retailer sank more than 7 per cent on Monday morning after it told the City that it had revised the sale value terms. The 233-year-old British business will receive gross cash proceeds of up to £40 million instead the £52 million expected in March when it agreed to sell its 480 high street stores to Modella, the private equity company. WH Smith said Modella, which also owns Hobbycraft, had recently 'sought amendments' to the construct of the transaction after a period of 'softer trading'. The retailer said the original agreement was 'no longer deliverable', adding that 'the future of the high street business under a change of ownership has led to a more cautious outlook among stakeholders'. WH Smith shares fell 3.8 per cent, or 43p, to £10.86. The shares have fallen 4.5 per cent since the start of the year. WH Smith was established in London in 1792. The first store was opened by Henry Walton Smith and his wife Anna in Little Grosvenor Street in Mayfair. The company opened the first travel retail store in Euston station in 1848. The high street arm has been stuck in long-term decline as the expansion of supermarkets and discounters and the rise in online shopping have combined to lure customers away from the high street. In recent years the WH Smith business has been propped up by its more lucrative retail travel business, which makes up 75 per cent of the group's revenue and 85 per cent of its trading profit. The new owner will need to contend with subdued consumer spending and rising costs. Increases in the minimum wage and employers' national insurance contributions, announced at last October's budget, were expected to add £20 million to WH Smith's cost base this year. Modella revised down its purchase price at a time when concerns about the health of UK retail are rising. Retail sales volumes declined at their fastest rate since December 2023 in May, down 2.7 per month-on-month and 1.3 per cent lower than a year ago, according to the Office for National Statistics. Nick Bubb, a retail analyst, said it was 'not too surprising that Modella Capital got slightly cold feet about the deal it agreed with WH Smith back in March to buy the struggling High Street business (soon to be called TG Jones), but at least it didn't pull out completely.'
