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The buyer of WHSmith’s high street business has renegotiated the price downwards after trading at the chain deteriorated in recent weeks.
WHSmith now expects to receive gross cash proceeds of up to £40mn from the sale to Modella Capital, compared with the £52mn it had projected when it first announced the deal on March 28, the company said in a stock exchange statement Monday.
The renegotiation with Modella, which plans to change the name of the 233-year-old business to TG Jones, comes after “the future of the high street business under a change of ownership has led to a more cautious outlook amongst stakeholders”, WHSmith said in a statement.
The sale has now completed.
This is a developing story
