THE WH Smith name is set to disappear from Dumfries and Stranraer’s town centres.
The company has sold all 480 of its high street stores to Modella Capital, and the move will see those shops rebranded as TG Jones after a short transition period.
So far there has been no announcement of any staff redundancies.
The £76 million sale does not include stores at travel locations so the store at the Gretna Green services will continue to operate under the WH Smith name.
WH Smith group chief executive, Carl Cowling, said: “As we continue to deliver on our strategic ambition to become the leading global travel retailer, this is a pivotal moment for WH Smith as we become a business exclusively focused on travel.
“We have a highly successful travel business, operating in fast growing markets in 32 countries and we are constantly innovating to deliver strong returns and meet our customers’ and partners’ needs.
“Our travel business currently accounts for around 75 per cent of the group’s revenue and 85 per cent of its trading profit.
“With the ongoing strength in our UK travel division, and the scale of the growth opportunities in both north America and the rest of the world, we are in our strongest ever position to deliver enhanced growth as we move forward as a pure play travel retailer.
“As our travel business has grown, our UK high street business has become a much smaller part of the WH Smith Group.
“High street is a good business; it is profitable and cash generative with an experienced and high-performing management team.
“However, given our rapid international growth, now is the right time for a new owner to take the high street business forward and for the WH Smith leadership team to focus exclusively on our travel business. I wish the high street team every success.
“As we look forward as a simplified, travel-focused group, I am excited about the group’s future prospects.
“With a clear strategy, a strong balance sheet, and operations in high growth and attractive markets, we are well-positioned to generate substantial growth and value for all stakeholders.”
