Jessica BirdFollowing a report by Sky News that pointed to secret talks underway to sell the high street arm, retailer WH Smith has confirmed that it is “exploring potential strategic options” which include a possible sale.
The retailer opened its first store in Central London in 1792, but is allegedly considering selling the high street business more than 230 years later.
The listed retail group has a current market capitalisation of £1.49bn, but the group’s global travel business makes up the vast majority of its trading profit, operating from airports, train stations and hospitals.
The high street arm of WH Smith comprises approximately 5,000 of its 14,000 overall employees, accounting for £32m operating profit last year.
A statement by the firm said: “WH Smith PLC (“WHSmith”, or the “Group”) notes the recent press speculation regarding its High Street business.
“WHSmith confirms that it is exploring potential strategic options for this profitable and cash generative part of the Group, including a possible sale.
“Over the past decade, WHSmith has become a focused global travel retailer.
“The Group’s Travel business has over 1,200 stores across 32 countries, and three-quarters of the Group’s revenue and 85% of its trading profit comes from the Travel business.
“There can be no certainty that any agreement will be reached, and further updates will be provided as and when appropriate.”
