WH Smith shares crater after outlook slashed on Iran war travel chaos Retail WH Smith shares have cratered after the retailer slashed its profit forecast amid the prolonged slowdown in global travel and slump in consumer confidence caused by the Iran war. Shares in the FTSE 250 retailer slumped by 16 per cent on Wednesday’s market open to 415p, leaving the stock down more than 35 per cent [...]
As it happened: FTSE 100 see-saws amid global jitters as market outlook turns ‘risky and dangerous’ Markets Good morning and welcome back to the City AM liveblog. Markets were not getting too excited at the beginning of this week when Donald Trump said a peace deal with Iran was “very close”. And last night’s exchange of strikes might explain why. The US has said it completed a series of strikes against Iran [...]
Regulator opens probe into PwC over WH Smith audit debacle Big Four The Financial Reporting Council (FRC) has launched an investigation into PwC over its audit of WH Smith that resulted in delayed annual results last year. Last August, WH Smith shares plummeted by up to 40 per cent after it admitted to an accounting error that overstated expected headline trading profit in its North American business [...]
TG Jones owner Modella buys Flying Tiger in latest high street swoop May 27, 2026 Modella Capital has snapped up Flying Tiger Copenhagen in the private equity firm’s latest swoop on the British high street. The private equity firm sealed the previously trailed deal with Danske Bank and Nordea, the owners of Flying Tiger, on Wednesday. Modella bought Claire’s Accessories before shortly pushing it into administration and its empire of [...]
Mark Kleinman: Could Wells Fargo bank on a megadeal with Barclays? May 14, 2026 Mark Kleinman is Sky News’ City Editor and the man who gets the Square Mile talking in his City AM column Could Wells Fargo bank on a mega-deal with Barclays? Now this really would liven up London’s M&A market. Since the turn of the year, the City rumour mill has persistently buzzed with talk of the biggest deal [...]
WH Smith made only £10m from sale of 500 stores May 10, 2026 Retail giant WH Smith made just £10m from the sale of its 480 high street stores to a private equity firm after already slashing its asking price. Private equity firm Modella Capital bought WH Smith’s high street locations in a £42m deal last year but is poised to launch an emergency restructuring as the stores [...]
WH Smith successor to shut 150 stores in ‘aggressive’ restructuring May 6, 2026 The owner of WH Smith’s former high street stores is set to shut as many as 150 of them as part of an “aggressive” overhaul which will put jobs at risk. Modella Capital bought the stationer’s 480 high street stores for £40m last year, and is now set to shut more than a quarter of [...]
WH Smith successor delays ‘aggressive’ restructuring which will shut stores April 26, 2026 The private equity financiers who run nearly 500 former WH Smith stores have delayed announcing an “aggressive” restructuring which could force the closure of up to 100 stores. Modella Capital, the Mayfair equity firm which runs hundreds of the stationer’s former stores, has run into financial difficulties and was due to unveil rescue proposals last [...]
WH Smith profit grounded as flight cancellations take hold April 23, 2026 WH Smith shares tumbled after the retailer adopted a more “cautious outlook” as the Iran war sparks a slowdown in international tourism. The retailer’s share price fell by more than 15 per cent on Thursday’s open, to 532p, leaving the stock down more than 16 per cent in the year so far. The stationer suffered [...]
FTSE 100 Live: Stocks slump as oil rises; Reeves tax hikes trigger borrowing boost April 23, 2026 Good morning and welcome back to the City AM liveblog. An extended ceasefire may have been announced in the Middle East, but its left markets with major appetite for further peace before investor sentiment recovers. Brent crude – the international benchmark for oil prices – was trading back over the $100 mark on Thursday morning. [...]