Herbert Smith Freehills advises WHSmith on sale of UK high street business

Leading international law firm Herbert Smith Freehills has advised FTSE 250 company WH Smith PLC (WHSmith) on the sale of its UK street business, comprising 480 stores on high streets and in shopping centres and retail parks, to UK consumer and retail investment firm Modella Capital for £76 million.

As part of the deal, the WHSmith stores will be rebranded as TG Jones. The group’s travel stores in airports, train stations and hospitals will continue to trade under the WHSmith name, which has a 233-year history. The WHSmith brand is not included in the sale.

The Herbert Smith Freehills team was led by M&A partner Robert Moore, consultant Ben Ward, UK head of Media and Digital Hayley Brady, and partners Peter Dalton, Will Nevin and Casey Dalton. They were supported by of counsel Heather Newton, senior associates Rachel Kane, Oliver Henderson and Dawn Scott and associate Georgina Crawford. The Herbert Smith Freehills team worked alongside WHSmith's general counsel Ian Houghton and longstanding legal advisers, TLT, whose team was led by Antonia Silvestri and Perran Jervis.

Ben Ward comments, "We are proud to have advised long-standing client WHSmith on this transformational deal that will support its aim to become a leading global travel retailer. Working closely with the WHSmith and TLT teams we are delighted to have helped deliver a deal which demonstrates our ability to advise on intricate disposals, drawing upon our cross-practice strengths, and our deep understanding of the consumer and retail sectors."