WHSmith
A British retailer focused on books, stationery, newspapers, refreshments and travel essentials, with a strong presence in airports, railway stations and other transport locations.
Last updated August 21, 2026
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Overview
WHSmith is a long-established British retail brand whose roots date to 1792, when Henry Walton Smith and his wife Anna began selling newspapers in London. The business later became W. H. Smith & Son and developed a close relationship with the expanding British railway network, opening a newsstand at Euston station in 1848 and subsequently establishing outlets at other stations. This transport-oriented heritage remains central to the brand’s identity. Historically, WHSmith operated across a much wider range of activities than its current retail profile suggests. It ran a circulating library from the nineteenth century until 1961, maintained publishing operations, expanded into travel agencies, acquired or developed music and book retail businesses, and entered sectors such as do-it-yourself retail. Its acquisition of Waterstone’s in 1989 and its involvement in Our Price illustrated the group’s earlier ambition to participate in specialist retail categories. In 1998 it acquired John Menzies’ retail outlets, strengthening its position in Scotland and at transport sites. The company encountered increasing pressure from supermarkets, specialist bookshops, online retailers and changing consumer habits. A proposed private-equity takeover by Permira in 2004 failed, partly amid concerns over the pension fund. WHSmith subsequently concentrated on its core retail operations and disposed of a number of non-core activities. In 2006, its retail business was separated from the newspaper and magazine distribution operation, which became Smiths News plc. In the 2010s and 2020s, WHSmith increasingly emphasized travel retail. It acquired the online stationery retailer Funky Pigeon, the specialist pen retailer Cult Pens and the airport electronics retailer InMotion. Its travel outlets operate in airports, railway stations, hospitals, motorway service areas and other locations where customers value convenience, immediate availability and recognizable brands. Typical merchandise includes books, magazines, newspapers, confectionery, drinks, snacks, stationery, greeting cards, toys, electronics accessories and travel necessities. Some outlets also incorporate concessions or specialist concepts, including pharmacy and toy retail. The brand has also had a significant role in the history of book identification. During the 1960s, WHSmith worked with the Publishers Association and statistician Gordon Foster on a standardized numbering system for books. The resulting Standard Book Numbering system was subsequently developed into the International Standard Book Number, or ISBN, which became an international publishing standard. WHSmith’s UK high-street business was sold to Modella Capital in 2025 and the acquired shops were rebranded as TGJones. WHSmith retained its travel-retail operations, brand and selected digital activities, reflecting a strategic shift away from conventional high-street stores toward airports, stations and international travel locations. The company remains listed on the London Stock Exchange and is associated with the FTSE 250, while its principal contemporary identity is that of a travel retailer rather than a general high-street bookseller.
History
WHSmith began in 1792 as a London news-vending business founded by Henry Walton Smith and Anna Smith. After their deaths, their youngest son William Henry Smith took control. The firm became W. H. Smith & Son in 1846 when the younger William Henry joined the business. Railway expansion created an important growth opportunity: the company opened a newsstand at Euston station in 1848 and established distribution depots in Birmingham, Manchester and Liverpool by 1850. The business developed several complementary activities. It operated a circulating library for roughly a century, maintained publishing operations and used its retail network to distribute newspapers, books and other printed material. The Smith family remained associated with the company for generations, although ownership gradually broadened. After the death of the third Viscount Hambleden in 1948, death duties led to the creation of a public holding company and the sale of shares to employees and the public. The last member of the Smith family left the board in 1996. During the 1960s, WHSmith worked with the Publishers Association to solve the problem of cataloguing books across a growing retail network. Statistician Gordon Foster developed a nine-digit Standard Book Numbering system. It entered public use in 1967, was adopted as an international standard in 1970 and was expanded into the ISBN system used by publishers and booksellers worldwide. The 1970s marked a period of diversification. WHSmith introduced a new corporate identity in 1973 and expanded into travel agencies and other retail categories. It acquired the business that became the Do It All DIY chain, later transferring its interest to Boots, and bought Waterstone’s in 1989 before selling it in 1998. WHSmith also built a music-retail presence through Our Price and related acquisitions, but subsequently exited those activities. In 1998 it acquired John Menzies’ retail outlets, strengthening its station and high-street presence, particularly in Scotland. Competitive pressure from supermarkets, specialist retailers and the internet contributed to a period of weak performance. A 2004 takeover approach from Permira did not proceed, and WHSmith responded by focusing on its core high-street and travel businesses while disposing of overseas subsidiaries and the Hodder Headline publishing operation. In 2006, the retail business was demerged from newspaper and magazine distribution, creating WHSmith plc and Smiths News plc as separate companies. The company continued to test adjacent retail propositions. It acquired The Gadget Shop in 2010, bought online greeting-card retailer Funky Pigeon in the same period, acquired the Past Times brand after its administration, and bought ModelZone and specialist stationery retailer Cult Pens. In 2018 it acquired InMotion, a US airport electronics retailer, giving the group a broader international travel-retail platform. The COVID-19 period exposed the vulnerability of stores dependent on commuting, tourism and discretionary footfall. WHSmith announced head-office redundancies and store closures in 2020, while also opening a travel-focused flagship at Heathrow Terminal 2 with an in-store pharmacy concept. From 2023 onward, management made the strategic direction explicit: no further UK high-street expansion, with investment directed toward airports, railway stations, hospitals, motorway services, Europe and North America. In 2025 WHSmith agreed to sell its UK high-street estate and associated activities to Modella Capital. Completion transferred approximately 480 high-street locations, which were rebranded as TGJones, while WHSmith retained its travel-retail operations and brand. Funky Pigeon was also sold to Card Factory. The continuing company is therefore primarily a travel retailer, operating under WHSmith and InMotion in transport and other high-convenience environments across several international markets.
- 2025
UK high-street business sold
[1]Modella Capital acquired the high-street estate, which was rebranded as TGJones.
- 2023
High-street expansion halted
[1]The company announced that future UK expansion would focus on travel locations and international markets.
- 2018
InMotion acquired
[1]WHSmith expanded its airport electronics business through the acquisition of InMotion.
- 2006
Retail and distribution businesses demerged
[1]The retail business became WH Smith plc, separate from the newspaper and magazine distributor Smiths News plc.
- 1998
John Menzies retail outlets acquired
[1]The acquisition strengthened WHSmith’s station and Scottish retail network.
- 1973
Corporate rebrand and diversification
[1]The group introduced a new visual identity and expanded into additional retail sectors.
- 1967
Standard Book Numbering enters public use
[1]A numbering system developed with WHSmith involvement became the precursor to the international ISBN standard.
- 1848
First railway-station newsstand
[1]The company opened a newsstand at Euston station, beginning its long association with transport retail.
- 1846
Firm becomes W. H. Smith & Son
[1]William Henry Smith joined the family business, which adopted the W. H. Smith & Son name.
- 1792
Business founded in London
[1]Henry Walton Smith and Anna Smith established a newspaper-vending business in London.
Products and positioning
Mass-market convenience retail, with a growing emphasis on travel retail and location-led availability
Travel retail
WHSmith travel stores
The core continuing store format is located in airports, railway stations, ports, hospitals and motorway service areas. These outlets combine books, newspapers, magazines, snacks, drinks, stationery, travel accessories and convenience goods, with ranges tailored to passenger needs and available space.
Airport electronics retail
InMotion
InMotion is WHSmith’s airport-focused electronics retail brand. Its stores specialize in headphones, chargers, cables, mobile accessories and other personal technology products suited to travelers who need replacement or supplementary equipment during a journey.
Online greeting cards
Funky Pigeon
Funky Pigeon was an online greeting-card and personalized-gifts business acquired by WHSmith. It formed part of the group’s digital and card-retail activities before being sold to Card Factory in 2025.
Specialist stationery
Cult Pens
Cult Pens is a specialist online retailer known for pens and related writing products. WHSmith acquired the business to broaden its presence in enthusiast and premium stationery categories.
Controversies
2025
North American forecasting and oversight failure
WHSmith disclosed that North American profit forecasts had been overstated. A subsequent review cited a target-driven culture and limited group oversight of regional finance processes, followed by the resignation of group chief executive Carl Cowling.
2023
Minimum-wage underpayment
The company was found to have underpaid workers because of an incorrect interpretation of uniform-related minimum-wage rules. WHSmith said the issue had been corrected and affected staff reimbursed.
2015
Airport VAT controversy
Airport retail practices involving boarding-pass scanning and VAT treatment attracted criticism from customers, media and politicians. WHSmith later committed to passing the relevant VAT reduction to qualifying customers.
2013
Abuse-themed e-books removed
WHSmith temporarily took its website offline after unacceptable e-book titles involving abuse appeared on the platform.
2009
Josef Fritzl Father's Day promotion
A single WHSmith branch mistakenly included a book about Josef Fritzl in a Father's Day gift promotion. The company apologized and said the listing was not a national campaign.
Marketing campaigns
- 2023Toys 'R' Us concessions
United Kingdom
WHSmith entered an arrangement for Toys 'R' Us concessions in selected stores, helping the toy brand regain a physical UK presence after the closure of its standalone premises.
Outcome. Concessions were part of the high-street business later sold to Modella Capital.
- 2020Heathrow Terminal 2 flagship
United Kingdom
WHSmith opened a large travel-format store at Heathrow Terminal 2 in collaboration with Well, incorporating an in-house pharmacy.
Outcome. Demonstrated the company’s focus on travel locations and expanded convenience services.
Brand decisions
2025
Sell UK high-street businessM&ABackground
WHSmith reported that travel operations represented the dominant share of group revenue and sought to focus resources on international travel retail.
Action taken
The company sold its UK high-street stores, website and associated Toys 'R' Us partnership to Modella Capital. The stores were rebranded as TGJones.
Aftermath
WHSmith retained the travel business and brand, leaving the continuing group more concentrated on airports, stations, hospitals, motorway services and overseas markets.
Expected gross proceeds. £52 million → Up to £40 million (2025)
2025
Sell Funky PigeonM&ABackground
WHSmith continued simplifying its portfolio around travel retail.
Action taken
Funky Pigeon was sold to Card Factory.
Aftermath
The disposal removed a non-core digital greeting-card business from the continuing WHSmith group.
Reported sale price. £24 million (August 2025)
2023
Prioritize travel retail over UK high streetsStrategyBackground
The company faced structural pressure on conventional high-street retail and identified airports, stations and international markets as more attractive growth areas.
Action taken
WHSmith announced that it would not open additional UK high-street stores and would direct expansion toward travel locations, Europe and the United States.
Aftermath
The strategic shift culminated in the 2025 sale of the UK high-street business.
2018
Acquire InMotionM&ABackground
WHSmith was building a broader international travel-retail platform.
Action taken
The company acquired InMotion, a major US airport electronics retailer.
Aftermath
The InMotion brand expanded within UK and overseas airports and complemented WHSmith’s travel stores.
2006
Separate retail from news distributionStrategyBackground
The group was restructuring after pressure from specialist retailers, supermarkets and changing consumer behavior.
Action taken
WHSmith separated its retail operations from newspaper and magazine distribution, creating WH Smith plc and Smiths News plc.
Aftermath
The retail company could concentrate on stores and travel retail while the distribution business operated independently.
Recent events
- 2025
High-street business sold to Modella Capital[1]
M&A
WHSmith agreed to sell its UK high-street stores, website and Toys 'R' Us partnership to Modella Capital. The stores were rebranded as TGJones, while WHSmith retained its travel business.
- 2025
Funky Pigeon sold to Card Factory[1]
M&A
WHSmith completed the sale of its Funky Pigeon greeting-card business to Card Factory.
- 2023
WHSmith announces end of new UK high-street openings[1]
Other
The company said it would stop opening new UK high-street shops and focus expansion on airports, stations and international markets.
- 2023
WHSmith trials shortened WHS logo[1]
Campaign
Selected stores in York, Canterbury and Preston tested a visual identity that used WHS rather than the full Smith name.
- 2020
Head-office redundancies announced[1]
Other
WHSmith announced more than 150 head-office redundancies during the disruption caused by the COVID-19 pandemic.
- 2020
WHSmith reports major loss and store closures[1]
Other
The company announced a loss of approximately £280 million and plans to close 25 stores, following earlier closures and severe reductions in travel and high-street footfall.
- 2012
WHSmith removes restrictions on shooting magazines[1]
Other
The retailer temporarily restricted sales of shooting magazines to customers aged 14 and over, prompting criticism from shooting organizations and a petition. The restrictions were subsequently removed.
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