WH Smith which has branch in Inverness High Street in talks to sell its city and town centre stores
British retailer WH Smith which has a branch in Inverness High Street is exploring the possible selloff of its high street stores amid a drop in sales.
The group operates a chain of shops in high streets as well as rail stations, airports, motorway service stations and other locations, selling books, stationery, magazines, newspapers, entertainment products and confectionery.
Following media speculation regarding its high street businesses, the company issued a statement confirming it is exploring potential options including a possible sale
The retailer stated there is no certainty any agreement will be reached and further updates will be provided.
• Inverness High Street unit occupied by VisitScotland’s soon-to-close icentre up for sale or rent
• All change on Inverness High Street, as one gift shop expands and another shuts down
In a trading update today, WH Smith that its UK high street sales fell six per cent in the 21 weeks to January 25, covering the key Christmas period, down three per cent on the previous year.
But the company also reported “another excellent performance” across its UK travel business with total revenue in the 21 week period up seven per cent.
As well as its branch in Inverness High Street, the company has an outlet at the city’s train station.
The ground floor unit, which it occupies in the High Street, has been sold after being put on the market last year although WH Smith has a lease agreement of £100,000 a year up until July 2028.
In the statement about the possible sale of stores, the company said: “WH Smith PLC (“WHSmith”, or the “Group”) notes the recent press speculation regarding its High Street business.
“WH Smith confirms that it is 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.”
It states the travel business has more than 1200 stores in 32 countries and three-quarters of the group’s revenue and 85 per cent of its trading profit comes from the travel business.
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It adds: “There can be no certainty that any agreement will be reached, and further updates will be provided as and when appropriate.”
Established in 1792, WH Smith’s first store was opened by Henry Walton Smith and his wife Anna in Little Grosvenor Street, London.
WHSmith opened the first ever travel retail store in London’s Euston station in 1848.
