WH Smith (SMWH.L) said it has agreed the sale of its UK High Street business to Modella Capital. Consideration represents an enterprise value of 76 million pounds on a cash and debt-free basis. WH Smith brand is not included in the sale. The Group's Travel divisions will continue to trade under the WH Smith brand. The High Street business will operate for a short transitional period under the WH Smith brand whilst the business rebrands as TG Jones.
The sale does not include the Group's personalised online greeting card business, funkypigeon.com. The Group will explore strategic options for this part, including a possible sale.
The Group stated that it is trading in line with market expectations.
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