Watch daily business briefing March 28: WH Smith sells high street stores, Trump trade war concerns
WH Smith has sold its UK high street stores to Modella Capital in a £76m deal, rebranding them as TGJones. The travel sites and brand remain unchanged. Meanwhile, UK steers clear of a trade war over Trump’s car tariff concerns.
Big changes in retail today – WH Smith is selling its UK high street stores to Hobbycraft owner Modella Capital in a £76 million deal. The stores will be rebranded as TGJones, though WH Smith’s travel sites and brand remain untouched.
In other news, UK retail sales saw an unexpected boost in February, thanks to strong hardware store sales, despite a slight dip in food shopping. Meanwhile, the economy saw a modest 0.1% growth in the final quarter of last year but dipped again in January.
On the global stage, the UK is steering clear of a trade war despite concerns over Donald Trump’s 25% tariff on car imports, which could hit the UK automotive industry hard.
And finally, Labour’s proposed workers’ rights legislation is facing backlash, with critics calling it anti-business and a threat to economic growth. The bill aims to tackle zero-hour contracts and unfair hiring practices.**