WHSmith is in talks to sell its UK high street shops after 230 years

The retailer, which has a market capitalisation of almost £1.5bn, has reportedly been in negotiations with “a number of prospective buyers of the division for several weeks”, as first reported by Sky News.

WHSmith confirmed that it is “exploring potential strategtic options for this profitable and cash generative part of the group,” which “includes a possible sale” via a statement published to the London Stock Exchange.

WHSmith said: “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.”

It is understood that bankers at Greenhill have been appointed to run the sale process and a deal is expected “in the coming months”.

The identities of the potential buyers remain unclear.

WHSmith’s high street arm of the business currently includes around 500 stores and 5,000 employees across the country. The retailer’s travel retail business comprises 600 UK shops to date.

This comes after the business opened its first shop in central London more than 230 years ago in 1792. The group’s first ever travel retail store opened its doors in Euston train station in 1848.