WHSMITH’S name is to vanish from the high street — with hundreds of shops being reborn as TG Jones in a £75million deal.
The retailer hoisted a “for sale”; on its 500 high street shops, to focus on its fast-growing airport and railway outlets.
After limited interest from buyers, 480 stores were yesterday sold in a £76million deal with firm Modella Capital.
Modella, which also owns Hobbycraft has said it will keep the same products and services, including the 200 in-store Post Office and Toys R Us concessions.
A spokesman said the TG Jones rebrand is not after any particular person.
They instead explained that the new name carried the “same sense of family”; as WHSmith.
The old name referred to William Henry Smith, son of the founder who opened a newsagent shop in 1792.
Smith is the most common name in Britain — with Jones second.
Analysts expect Modella to only keep running the most profitable stores, with the average lease length being just two years.
The high street shops last year made a £32million profit.
WHSmith CEO Carl Cowling said the high street offload meant it could be a “simplified, travel-focused Group”;.
Its travel business has grown to 1,200 shops across 32 countries.
Yesterday, WHSmith said it could also try to sell its online greeting card business Funkypidgeon.com.
FLUSHED AWAY
TROUBLED Thames Water's finance boss has quit abruptly midway through the debt-laden firm’s critical restructuring.
Alastair Cochran will be gone as soon as next week, after joining the UK’s biggest water company four years ago.
Telly viewers recently got a behind-the-scenes look at the crisis in a BBC documentary.
BID IS PRESSED
CHELSEA FC chairman Todd Boehly could snap up The Scotsman and The Yorkshire Post newspapers.
National World, which owns more than 100 regional titles, said he was interested.
There has already been another £65million takeover bid.
The firm and Mr Boehly have also stepped up talks about making a joint offer for The Telegraph.
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