British book and stationery retailer WHSmith has sold off its high street business in the UK to private retail investment firm Modella Capital for US$98.3 million.  

The sale encompasses more than 480 WHSmith storefronts, which will be made over with Modella’s similarly structured TGJones branding that’s meant to invoke the same trusted family feeling of WHSmith stores.  

WHSmith group chief executive Carl Cowling says this sale is part of a bigger play the retailer is making to focus exclusively on its booming travel business, which now accounts for 85% of its annual profits. In this sector alone, the company operates more than 1,200 storefronts in airports, train stations and hospitals across 32 countries. 

Looking at its 2024 full-year results, WHSmith generated more than US$2.46 billion in global revenue, with its UK travel division (594 stores) accounting for US$1.03 billion, followed by its North American travel division (341 stores) at US$518 million. 

Several other companies were in the running to acquire the book retailer’s high street business, including Bensons for Beds owner Alteri Investors, retail investor Hilco and HMV owner Doug Putman.