WH Smith has said they have had to lower their sale price in last minute renegotiation as trading worsened.
The high street retailer said the sale to Hobbycraft owner Modella Capital said the cash returns of the slae price of WH Smith will be lower than expected.
WH Smith said investment company Modella said they renegotiated the price amid “softer” trading and the sale price is expected to be up to £40 million compared to the initial forecast of £52 million.
WH Smith said, “Following the agreement and announcement of the sale, the future of the high street business under a change of ownership has led to a more cautious outlook amongst stakeholders.”
The high street retailer added they agreed to renegotiate on the sale price as “the original agreement was no longer deliverable.”
