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Newsflash: WH Smith has agreed to sell its UK high street chain to Modella Capital, in a deal that will see the stores rebranded as TGJones.

The deal will allow WH Smith to streamline its operations and create a retailer focused on global travel, via its outlets at railway stations and airports.

“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% of the Group’s revenue and 85% 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 WHSmith Group. High Street is a good business; it is profitable and cash generative with an experienced and high-performing management team.