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The first WHSmith store opened 230 years ago but the brand name has now disappeared from Reading’s bustling Broad Street, with the town centre stationary store now completely rebranded under the new name ‘TGJones’.
This comes after retailer WHSmith sold its UK high street chain to investment group Modella Capital in a deal valued at £76 million.
Modella Capital has decided to rebrand the high street stores under the new name ‘TGJones’.
The new brand name is meant to capture a similar family-name aesthetic but is not linked to any actual ‘Jones’ family and has faced some criticism, with The Guardian newspaper speculating that the re-naming will “join the ranks of ill-fated rebrands such as New Coke, Royal Mail’s millennial makeover to Consignia and the fund manager Aberdeen’s influencer-inspired vowel-dropped change to Abrdn”.
The WHSmith Group will continue to operate the travel arm of its business, with stores in airports, train stations, and hospitals not included in the sale to Modella.
Carl Cowling, Group Chief Executive of WHSmith said: “As we continue to deliver on our strategic ambition to become the leading global travel retailer, this is a pivotal moment for WHSmith as we become a business exclusively focused on Travel.
“We have a highly successful Travel business, operating in fast growing markets in 32 countries and we are constantly innovating to deliver strong returns and meet our customers’ and partners’ needs.
“Our Travel business currently accounts for around 75% of the Group’s revenue and 85% of its trading profit.
“With the ongoing strength in our UK Travel division, and the scale of the growth opportunities in both North America and the Rest of the World, we are in our strongest ever position to deliver enhanced growth as we move forward as a pure play travel retailer.
“As our Travel business has grown, our UK High Street business has become a much smaller part of the WHSmith Group.
“High Street is a good business; it is profitable and cash generative with an experienced and high-performing management team.
“However, given our rapid international growth, now is the right time for a new owner to take the High Street business forward and for the WHSmith leadership team to focus exclusively on our Travel business.
“I wish the High Street team every success.
“As we look forward as a simplified, travel-focused Group, I am excited about the Group’s future prospects.
“With a clear strategy, a strong balance sheet, and operations in high growth and attractive markets, we are well-positioned to generate substantial growth and value for all stakeholders.”
