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Investing.com -- WH Smith, a FTSE 250 listed company, is selling its main street business in the UK to Modella Capital for 52 million pounds ($67.3 million). The sale is part of WH Smith’s strategic shift towards the travel sector, which currently generates 75% of the company’s total revenue.
WH Smith is known for selling books, magazines, and various other items at locations such as airports and train stations, in addition to its main street stores.
The company clarified on Friday that the sale to Modella Capital will not include the WHSmith brand or its online greeting card business, funkypigeon.com.
The future of funkypigeon.com is yet to be decided, with the company stating it is considering different options, including a potential sale.
WH Smith anticipates finalizing the sale of its main street business to Modella Capital in the last quarter of its fiscal year, which concludes on August 31.
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