WHSmith to choose buyer of high street stores within days

WHSmith is set to decide the buyer of its high street chain within days, holding final talks with the two remaining bidders for the company.

The stationery giant is set to confirm as early as next week whether it has agreed the outline of a deal to offload its circa 500 high street shops to either Modella Capital or Alteri Investors, Sky News reported.

Sources said the situation was “too close to call,” and that both groups were thought to be in close contention to snap up the stores.

Modella, Alteri Investors and WHSmith refused comment on the matter.

It comes after WHSmith completed its refinancing ahead of high street store sale plans earlier this week.

The retailer secured £320m from US investors and via a new bank loan, as part of its strategy to expand its global travel retail arm and explore options for its UK high street shops.

In January, the stationery, books, and newsstands business began talks to offload its high street stores, over two centuries after opening its first shop in London.

The retailer confirmed that it was “exploring potential strategic options” for its 500 high street stores, including a potential sale, on 25 January.

WHSmith has been increasingly focussing on its travel retail business during recent years, with the business now operating more than 1,200 stores across airports, train stations, and hospitals in 32 countries.

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