Fri, 09 Jul 2021 | BUSINESS SALE
Swindon-headquartered retailer WHSmith has acquired 18 stores, 17 of which are former Dixons Travel stores, as it plans to bring its US InMotion brand to the UK. The acquisition includes many stores in major UK airports, as well as some train stations.
Dixons Carphone announced that it would close its 35 Dixons Travel outlets in April, following the devastating impact of COVID-19 on travel as well as the end of duty-free shopping in the UK. The closures impacted around 400 staff, 200 of which WHSmith says it will now take on.
Dixons’ decision to close the stores reflected an apparent pessimism on the company’s part about the return of travel to pre-pandemic levels. However, WHSmith appears to be betting on a recovery, saying that, in a “fully recovered travel environment”, it expects the stores to generate annual revenue of around £60 million.
The acquisition includes stores at major UK passenger hubs, including at airports such as London Heathrow, London Stansted, London Luton, Manchester, Birmingham and East Midlands. The stores will now join the InMotion brand as WHSmith seeks to expand the chain from the US.
WHSmith acquired InMotion in 2018, with the business’ more than 100 stores across more than 40 US airports doubling the retailer’s international travel operation. Despite WHSmith’s high street and travel operations continuing to be hit by factors including COVID-19, the company says that it is “encouraged” by improving trends over recent weeks as lockdown restrictions have eased in the US and UK.
Along with the acquisition of the Dixons Travel stores and expansion of InMotion, WHSmith has also confirmed plans to expand into new areas. The company said: “Going forward, we see further opportunities to win additional WH Smith stores in airports and hospitals and we are well positioned as travel markets recover and passenger numbers increase.”
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Highly profitable and long established retailer with turnover of £10m. Scalable business model with detailed growth expansion plan.
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