WHSmith inches closer to sale of high street business
WHSmith is closing in on the sale of its High Street business as only two bidders remain to take on its 500-plus stores.
WHSmith is closing in on the sale of its High Street business as only two bidders remain to take on the 500-plus store portfolio.
Private equity firms Alteri, which owns Bensons for Beds, and Hobbycraft-owner Modella Capital are now the two remaining parties in talks with the retailer and its advisors about a potential deal, Sky News reported.
HMV owner Doug Putman is no longer in talks with bankers at Greenhill, however, the Canadian billionaire could pitch a new offer before the auction concludes.
Both Alteri and Modella are expected to conduct a major review of WHSmith’s high street business if they are successful.
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It is thought a definitive deal could be announced at the time of WHSmith’s interim results in April.
The retailer placed the division up for sale last month to focus on its travel arm, which represents 85% of its total profits.
It is understood that the WHSmith brand is unlikely to be included in any deal, meaning a takeover could mark the end of the retailer’s 230 years of high street history.
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