Retailer WH Smiths announced this morning that it had found a buyer for its network of UK high street stores. Modella Capital is to purchase the estate and re-brand under the TGJones banner, leaving the WH Smiths brand to focus on the global network of travel stores. These have been significantly better performers so the disposal ought to bolster the financials, although shareholders hoping for a quick payout will be left disappointed – there’s no change to the capital allocation policy, with proceeds being used to fund growth opportunities. The WH Smiths share price was down just over 1% shortly after the open.
The energy company SSE announced this morning that they had appointed a new Chief Executive designate who will take over from the incumbent this summer. Martin Pibworth has been with the business for three decades and has held a number of key commercial roles during his tenure. The initial market reaction to the fact this is an internal hire has been positive, with the SSE share price advancing around 2% in early trade and leading the FTSE-100. The current Chief Executive, Alistair Phillips-Davies CBE, announced his decision to retire last November and will formally hand over on 17th July.
The Aston Martin share price continued its trajectory lower in early trade on Friday as US tariff concerns provided another reason for investors to back away from the stock. Shares are down 13% since Monday, with Donald Trump having committed to a 25% import tax on foreign cars from next week. UK trade negotiators are looking for a carve out but with the US market accounts for a significant proportion of sales for the marque, the concern is understandable. The Aston Martin share price was off by more than 3% by 8.30am.
Most read news on Investegate this morning
Sale of UK High Street business - - WH Smith (SMWH)
Proposed Tender Offer, Circular, & GM Notice - - Logistics Development Group (LDG)
Proposed fundraising and other matters - - Woodbois Limited (WBI)
