WH Smith in secret talks to sell historic high street arm

Published

1 day ago

January 25, 2025

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WH Smith is in secret talks to sell its entire high street business in Britain more than 230 years after it opened its first shop in central London.

Sky News can exclusively reveal that the listed retail group, which has a market capitalisation of almost £1.5bn, has been in negotiations with a number of prospective buyers of the division for several weeks.

WH Smith will confirm the plan to the London Stock Exchange on Monday morning.

The company’s high street arm comprises roughly 500 stores, employing about 5,000 people across the country.

It is currently part of the same group as WH Smith’s faster-growing, more profitable travel retail business which operates from airports, train stations and hospitals.

The travel retail business comprises 600 shops in the UK, roughly half of a global operation numbering about 1,200 travel retail outlets.

Bankers at Greenhill have been appointed to run the sale process for the high street business, with a deal expected in the coming months.

The identities of the likely buyers were unclear on Saturday.

Run by Carl Cowling, chief executive, the disposal of its high street arm and repositioning as a pure-play travel retail company is likely to be welcomed by investors, one analyst said this weekend.

WH Smith’s high street division, which recorded flat operating profit of £32m last year, still largely sells greeting cards, books and stationery, while the travel arm has a wider offering of food and drink, and technology products.

The travel business now accounts for 75% of the company’s revenue, and 85% of profits, reflecting its higher margins.

It is growing particularly quickly in the US market.

The company’s retail business in hospitals is also growing rapidly, with 145 stores in 100 hospitals across the UK, and scope for openings in 200 further sites, it said in its last set of results in November.

News of the potential sale represents a watershed moment in the history of the British high street.

WHSmith’s first store was opened in 1792 by Henry Walton Smith and his wife Anna in Little Grosvenor Street, London.

The company opened the first ever travel retail store in Euston station in 1848.

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.

This 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.

On Friday, shares in WH Smith closed at 1148p, having declined by about 5% over the last 12 months.

In a statement following Sky News’ report of its plans, WH Smith issued a statement confirming it was “exploring potential strategic options for this profitable and cash generative part of the Group, including a possible sale”.

“Over the past decade, WH Smith has become a focused global travel retailer,” the statement said.

“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.”

UK

Donald Trump and Sir Keir Starmer speak on phone and ‘agree to meet soon’

Published

2 hours ago

January 26, 2025

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Donald Trump and Sir Keir Starmer speak on phone and 'agree to meet soon'

Sir Keir Starmer and Donald Trump “stressed the importance of the close and warm ties” between their countries and “agreed to meet soon” in a phone call, Downing Street has said.

During the conversation on Sunday, the prime minister congratulated the president on his inauguration and paid tribute to his “role in securing the landmark ceasefire and hostages deal in Gaza“, according to a Number 10 spokesperson.

The two leaders “discussed the importance of working together for security in the Middle East” as well as “trade and the economy”.

Sir Keir told the US leader how he plans to deregulate the UK economy to boost growth, and the president spoke of his “respect and affection for the Royal Family“.

Mr Trump also gave his condolences to Sir Keir over the loss of his brother, who died on Boxing Day.

Earlier this weekend, the president said he thinks Sir Keir has “done a very good job” so far.

He and the prime minister “get along well” despite Sir Keir being “liberal, which is a little bit different from me”, he told reporters travelling with him on Air Force One.

“He’s represented his country in terms of his philosophy. I may not agree with his philosophy but I have a very good relationship with him.”

Sir Keir previously met Mr Trump for dinner at Trump Tower in New York in September, before he was elected president for a second time.

He held two pre-inauguration calls with the new US president.

Mr Trump said his first international trip could be to the UK or Saudi Arabia – the first country he travelled to as president during his first term.

He said “traditionally” it could be the UK – but last time he travelled to Saudi Arabia because it agreed to buy billions of dollars of US merchandise.

“If that offer were right, I’d do that again,” he said.

UK

Man, 19, arrested on suspicion of attempted murder after female police officer hit by car

Published

5 hours ago

January 26, 2025

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Man, 19, arrested on suspicion of attempted murder after female police officer hit by car

A teenager has been arrested on suspicion of attempted murder after a female police officer was hit by a vehicle driven “at speed” towards her.

She was seriously injured in the incident at a retail park in Cheadle on Saturday night.

Greater Manchester Police (GMP) said the “truly shocking” incident happened in a car park on Wilmslow Road.

The officer had walked towards the vehicle after a report that the people inside were acting suspiciously.

The vehicle was then driven at speed towards the officer, hitting her.

She was later treated in hospital and was “recovering well”.

A 19-year-old man has been arrested on suspicion of attempted murder.

A GMP statement said: “We received a report of people acting suspiciously inside a vehicle in the car park.

“As the responding police officer walked towards the vehicle, she reported that the vehicle was driven at speed towards her, hitting her.

“The officer was taken to hospital for treatment of her injuries.”

Chief Inspector John Picton, of the Stockport district, said: “This incident is truly shocking, and shows how quickly situations our frontline officers attend can escalate. There is absolutely no explanation as to why this incident needed to end the way it did.

“Our officers go to work every day to provide an outstanding service to the communities they serve, and achieve fantastic results in situations that are often challenging.

“Assaults on our officers are completely unacceptable and won’t be tolerated. In this case, the officer suffered serious injuries.”

Mr Picton also said the police investigation was continuing and the officer was being “supported by all of us at the Stockport district”.

“She is recovering well,” he added.

UK

Man, 53, charged with murder of university lecturer Claire Chick

Published

7 hours ago

January 26, 2025

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Man, 53, charged with murder of university lecturer Claire Chick

A 53-year-old man has been charged with the murder of a university lecturer, Devon and Cornwall Police have said.

Claire Chick, 48, was found injured on West Hoe Road, Plymouth, at 8.55pm on Wednesday.

Ms Chick, who taught at the University of Plymouth’s nursing school after a career in nursing, was taken to hospital but died on Thursday.

Paul Butler, of Stangray Avenue, Plymouth, has been charged with her murder and is due to appear before Plymouth Magistrates’ Court on Monday.

He was arrested in the Liskeard area of Cornwall, which is about 20 miles from Plymouth, police said.

Ms Chick, previously known as Claire Butler, had five grandchildren who call her “favourite grandma”, according to her family.

Her family added: “We are absolutely devastated and broken at the loss of our beautiful caring mother Claire Chick.

“She was the most beautiful, lively soul and was there for everyone.”

Describing Ms Chick as the “glue” and their “go-to” they said: “We will never get over this as a family.

“We won’t ever get the justice our mum deserves for this because no amount of justice will bring her back.

“She may be gone but her spirit will always remain alive. We love you mum, and we promise to make you proud.”

Detective Inspector Rob Smith added: “We continue to support Claire’s family at what is an extremely awful time for them. I would ask for their privacy to be respected and to allow them the space to grieve.”

He urged the public to share any relevant information with police.