WH Smith brand to disappear from Melton town centre after 71 years

It was announced this morning (Friday) that the chain has agreed to sell off its high street stores – including the one in Market Place, Melton – to Hobbycraft owner, Modella Capital, in a deal valued at £76m.

The 480 stores will be rebranded as TGJones in a deal which will see the WH Smith name disappear from high streets.

The company say the 5,000 staff employed at these shops will be moved to the new Modella Capital stores.

The WHSmith brand will be retained at its travel outlets at airports, motorway services and railway stations, which are more profitable businesses.

WH Smith group chief executive, Carl Cowling, said: “As we continue to deliver on our strategic ambition to become the leading global travel retailer, this is a pivotal moment for WHSmith as we become a business exclusively focused on travel.

“As our travel business has grown, our UK high street business has become a much smaller part of the WHSmith Group.

“High Street is a good business; it is profitable and cash generative with an experienced and high-performing management team.

“However, given our rapid international growth, now is the right time for a new owner to take the high street business forward and for the WHSmith leadership team to focus exclusively on our travel business.

"I wish the High Street team every success.”

Modella say they will stock the same products as WH Smith, such as books, magazines, music and stationary, and that other ranges will be added over time.