WH Smith PLC — MarketDX

United Kingdom

Ireland

SMWH.LSE

Card Factory sales rise 5.3% to £260.8m despite UK consumer pressure

Card Factory has reported a 5.3% rise in revenue to £260.8 million for the six months to July 31, even as pressure on UK consumers weighed on its high street stores. The retail chain, which runs 1,126 shops across the UK and Ireland, said digital sales jumped by £12.8 million, driven by the £24 million acquisition of Funky Pigeon from WH Smith in July, helping offset a 0.7% revenue decline in its main stores business. Like-for-like store sales fell 2%, partly offset by the opening of 23 new stores over the past year, while store sales in the Republic of Ireland rose 24.3% year-on-year on continued expansion there. Adjusted pre-tax profits slipped slightly to £12.7 million from £13.2 million a year earlier, and chief executive Darcy Willson-Rymer said the half-year represented further progress in becoming a broader, more diversified business across the gifting and celebrations market. Card Factory said it has been encouraged by trading since the end of July, with UK like-for-like store sales returning to growth in recent weeks, and shares in the company were up 2.5% at 74.5p.

CARD.LSE ▲SMWH.LSE

CARD.LSE · Capital · Positive Card Factory reported 5.3% revenue growth to £260.8m and shares rose 2.5%, though adjusted pre-tax profit slipped to £12.7m.

Funky Pigeon · Demand · Positive Funky Pigeon's acquisition drove a £12.8m jump in Card Factory's digital sales.

SMWH.LSE · Capital · Neutral WH Smith is mentioned only as the seller of Funky Pigeon to Card Factory for £24m.

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TG Jones to close 150 UK bookstores after WH Smith high street sale

TG Jones, the high street bookseller formerly part of WH Smith, will close 150 of its 480 UK stores throughout the rest of 2026 after a London court approved a restructuring plan. The closures follow the March 2025 sale of WH Smith’s high street business to private equity firm Modella Capital for £10 million, which rebranded those locations as TG Jones while WH Smith retained its travel hub stores. Modella said the large-bookstore model in high-rent areas was 'almost completely broken' in 2026. Liquidation sales have begun in cities including Bath, Swindon, Uckfield, Redcar and Market Harborough, with at least 5,000 workers estimated to be affected.

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TGJones · Demand · Negative TG Jones is closing 150 stores due to the 'almost completely broken' large-bookstore model in high-rent areas, indicating weak customer demand.

SMWH.LSE · Demand · Negative WH Smith sold its high street business, which is now closing 150 stores, indicating weak demand for its physical retail model.

Modella Capital · Capital · Negative Modella Capital's investment in TG Jones is facing store closures and restructuring, reflecting a poor return on the £10 million acquisition.

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WH Smith to exit North American fashion after accounting scandal

WH Smith is exiting the North American fashion and specialty-store market entirely, closing all its Las Vegas Strip apparel locations including Marshall Rousso and Misura, after an independent investigation by Deloitte LLP revealed the division systematically overstated supplier income and promotional rebate revenues. The accounting irregularities, which went undetected by auditor PricewaterhouseCoopers since 2015, led to a 42% single-day stock crash that wiped out roughly £600 million in market value. The company now expects North American headline trading profit to fall to between £5 million and £15 million, down from a previous market expectation of £55 million. CEO Carl Cowling has stepped down, the Financial Conduct Authority has launched an enforcement investigation, and the board is seeking to recover overpaid bonuses from former executive directors. WH Smith will refocus on airport and travel convenience stalls, while also reviewing its InMotion North America portfolio.

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SMWH.LSE · Regulation · Negative Accounting scandal leads to FCA investigation, exit from North American fashion, and 42% stock crash.

PricewaterhouseCoopers · Regulation · Negative PwC failed to detect accounting irregularities since 2015, facing reputational damage and potential regulatory scrutiny.

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TG Jones wins court approval for restructuring, around 150 stores face closure

TG Jones, the high street chain formerly known as WH Smith, has secured High Court approval for a restructuring plan that is expected to lead to the closure of around 150 of its approximately 450 stores. The plan, sanctioned by Mr Justice Hildyard on Wednesday, includes an additional £15 million loan from owner Modella Capital on top of £10 million loaned in April, and reduced rents for landlords. Lawyers for the retailer said the company was facing an £8 million shortfall this week without the court's sanction, describing it as highly distressed. Chief executive Alex Willson said the decision protects the substantial core of the store estate and makes TG Jones a stronger, more sustainable business. The company has not disclosed how many of its 4,700 staff will be affected by the closures.

SMWH.LSE ▼

TGJones · Demand · Negative TG Jones is closing 150 stores due to financial distress, reflecting weak customer demand and operational challenges.

Modella Capital · Capital · Negative Modella Capital is providing additional loans to a distressed retailer, indicating financial strain and potential loss on investment.

SMWH.LSE · Demand · Negative WH Smith is the former name of TG Jones; the restructuring and store closures indicate declining demand for its physical retail services.

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TG Jones wins creditor backing for rescue plan despite landlord revolt

TG Jones, the former WH Smith high-street chain, has secured backing from key creditors for its restructuring plan, overcoming opposition from several landlord groups. The retailer won overwhelming support from lenders and many suppliers, though multiple landlord classes voted against the proposals. The plan, which still requires High Court approval at a hearing scheduled for Monday and Tuesday, involves closing up to 150 stores and imposing rent-free periods of up to three years on over 120 sites, with rent cuts of 15% to 75% at hundreds of others. TG Jones, created after Modella Capital bought WH Smith's 450 high-street shops for £76 million, has warned it could fall into administration without the restructuring. The company recently improved terms for landlords, offering a greater share of future profits and partial rent repayment after three years, while some suppliers face debt write-offs or delayed recovery of less than half of what they are owed.

SMWH.LSE ▼

TGJones · Capital · Positive TG Jones secured creditor backing for its rescue plan, avoiding immediate administration.

SMWH.LSE · Capital · Negative TG Jones, the former WH Smith high-street chain, is undergoing a restructuring with store closures and rent cuts, indicating financial distress for the entity that WH Smith sold.

Modella Capital · Capital · Positive Modella Capital's investment is protected as the restructuring avoids administration.

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