The owner of Hobbycraft is among a pack of suitors circling WH Smith, the 233-year-old high street chain which has been put up for sale.

Sky News has learnt that Modella Capital, whose executives have previously been involved in retailers including Paperchase and Tie Rack, is one of a handful of parties to have held discussions with WH Smith and its advisers.

The likelihood of Modella completing a deal to acquire the 500-store chain was unclear on Monday.

Modella’s executives include Steve Curtis, whose biography on the firm’s website describes his “successful transactions [as including] Jigsaw, Paperchase, Feather & Black, Rolling Luggage and Tie Rack”.

One of the firm’s investment advisers is Jamie Constable, a prominent turnaround investor who is associated with firms including Rcapital, Quilam Capital and Blazehill Capital.

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City sources said that WH Smith – which confirmed at the weekend that it was considering a sale of the business following a Sky News report – was keen to wrap up a deal during the spring.

The disposal would, if completed, leave London-listed WH Smith as a company focused on its more lucrative travel retail operation in airports, railway stations and hospitals, which comprises about 1,200 stores globally.

Modella is said to be bidding against a number of other experienced retail investors, including the Apollo-backed firm Alteri, which owns the Bensons for Beds chain.

WH Smith, which is being advised by bankers at Greenhill, declined to comment on Monday, while Modella has been contacted for comment.

A sale of its high street arm would mark a watershed moment for the UK high street, which first saw the appearance of the name in 1792.

The business, which specialises in selling items such as greeting cards and stationery, employs about 5,000 people across the country.

Run by Carl Cowling, chief executive, the disposal of its high street arm and repositioning as a pure-play travel retail company was welcomed by investors on Monday, with shares in WH Smith rising by about 2.5%.

The division recorded flat operating profit of £32m last year, with WH Smith’s travel business accounting for 75% of the company’s revenue and 85% of trading profit.

There have been questions about the future of WH Smith’s high street division for many years amid carnage elsewhere in the sector, with the likes of BHS, Debenhams and Comet all ceasing to trade from physical stores in the last 15 years.

Last week, it emerged that roughly 15 WH Smith shops would be closed this year – part of an annual rationalisation of its store estate.

In 2006, the company’s news distribution arm, now known as Smiths News, was demerged into a separate London-listed company.

Reiterating its weekend response to Sky News’s report, WH Smith told the London Stock Exchange on Monday: “WH Smith plc notes the recent press speculation regarding its high street business.

“WHSmith confirms that it is exploring potential strategic options for this profitable and cash-generating 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.”

One of Britain’s biggest luxury boat manufacturers has collapsed into administration less than two months after it was sold to new investors.

Sky News has learnt that Fairline Yachts, which is based in Oundle, Northamptonshire, had fallen into insolvency proceedings after DF Capital, the company’s main lender, triggered the appointment of Alvarez & Marsal (A&M) as administrators.

One staff member said they had been briefed on the news by A&M on Monday morning.

Fairline Yachts is understood to employ about 250 people, with no redundancies being triggered by the insolvency.

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The collapse of Fairline Yachts is surprising because the company was only sold early last month by Hanover Investors to Arrowbolt Propulsion Systems, which was described in an announcement about the deal as a “clean propulsion technology company”.

Further details of that deal were unclear, although the statement in December said that Arrowbolt was appointing Peter Hamlyn, an experienced industry executive, as Fairline Yachts’ new chief executive.

In a statement provided in response to an enquiry from Sky News, Michael Magnay, joint administrator to Fairline Yachts Limited, said: “The business is continuing to trade as usual.

“We are thankful for the support and understanding of staff and there are no redundancies at this time.

“We are actively pursuing a sale of the business and are confident of a substantial amount of interest given the recognised brand and strong heritage.

“We encourage interested parties to make contact with us.”

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Fairline Yachts’ collapse comes nearly two years after rival Princess Yachts was sold to investor KPS Capital Partners.

Last autumn, Sunseeker, another big player in the sector, was sold to international investors Lionheart Capital and Orienta Capital Partners.

Profits at Europe’s biggest airline are nearly ten times higher than the same time last year as more passengers paid more expensive airfares.

Ryanair‘s profit after tax rose to €149m (£125.36m) in the three months from October to December, up from €15m (£12.62m) the same time a year earlier.

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It is in part due to pricier tickets with customers booking closer to departure time, the low-cost carrier said, despite its forecast fares would fall.

In August Ryanair chief executive Michael O’Leary told Sky News he estimated fares would drop a further 5% coming into winter.

Fares had fallen 15% in the first three months of Ryanair’s financial year and 7% in the second.

Bucking the trend, the airline on Monday morning said fares rose 1% in the months running up to Christmas.

Those higher fares were attributed to “stronger close-in Christmas/New Year bookings”.

Despite the fact tickets became more expensive, passenger numbers rose 9%, reaching 45 million.

However, the airline has slashed its passenger forecast once again, blaming aircraft delivery delays from Boeing.

Four million fewer people will fly with Ryanair in the 2026 fiscal year due to ordered planes not arriving, the airline said. The figure would still represent a 3% growth in passenger numbers.

It has revised down its anticipated passenger numbers from 210 million to 206 million as “we no longer expect Boeing to deliver sufficient aircraft” ahead of the summer.

Boeing has been beset by delays as it grappled with safety concerns following the mid-flight door blowout early last year.

The budget airline is Europe’s largest based on the number of aircraft it has and the destinations it serves.