UK. Leading convenience and essentials retailer WHSmith has confirmed it is exploring a possible sale of its High Street division.
The company issued a statement today following speculation in the UK media. Sky News reported that WHSmith “has been in negotiations with a number of prospective buyers of the division for several weeks”. The media outlet added that Greenhill investment bank had been appointed to lead the process.
In its statement today, WHSmith said: “WHSmith 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, WHSmith has become a focused global travel retailer. 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.”
In November, WHSmith posted preliminary results for the 12 months ending 31 August, with total revenue up +7% to £1,918 million (US$2.4 billion) and Travel division revenue climbing +11% to £1,466 million (US$1,860 million). Within this, Travel UK revenue rose +12%, North America +9% and Rest of the World +18%. ✈
