WH Smith has completed the sale of their High Street bookstore business to Modella Capital. The sale terms were revised after the bookstore retail division posted lower sales, with WH Smith set to receive cash proceeds of up to £40 million rather than £52 million. “Following the agreement and announcement of the sale, the future of the High Street business under a change of ownership has led to a more cautious outlook amongst stakeholders,” a press release notes. “This, combined with a period of softer trading, has resulted in a reduction in the ongoing cash flow of the business. Consequently, […]
