WH Smith set to pick buyer of high street chain - report

(Sharecast News) - WH Smith will reportedly decide the fate of its high street chain within days, as it holds final discussions with the two remaining bidders for the business. According to Sky News, WH Smith will announce as early as next week that it has agreed the outline of a deal to sell its roughly 500 high street stores to either Alteri Investors, the owner of Bensons for Beds, or Modella Capital, which owns retailers such as Hobbycraft.

Insiders told Sky the process was "too close to call", with both bidders understood to be in serious contention to take control of one of Britain's most prominent retailers.

Alteri and Modella Capital both specialise in buying troubled retailers, with the latter having recently bought The Original Factory Shop as well as joining the bidding for family-owned Lakeland.

The auction is being handled by Greenhill, with London-listed WH Smith - which was established in 1792 - choosing to dispose of the high street arm to focus on its more profitable travel retail operations.