Sale of WH Smith prompts new call for reassurances over Peterborough city centre Post Office
Call follows £76 million sale of WH Smith
The new owners of long established retailer WH Smith are being urged to provide assurances that Peterborough’s city centre Post Office will remain in place.
The call comes from Peterborough MP Andrew Pakes who says there is a need for vigilance for the much-used service following the £76 million purchase of WH Smith by Modella Capital.
The Post Office has been contained inside the WH Smith store in Bridge Street following a 10 year deal agreed when the service moved from Cowgate in August 2016.
The sale of WH Smith, which was announced earlier today, will see the disappearance of the WH Smith name from the high street to be replaced by the name TG Jones.
Mr Pakes said: “I will be writing to Modella Capital to seek assurances about their plans for the WH Smith store in the city.
“The new owners have given a commitment to keep services, such as as the Post Office, open in local stores but I will be following up on that commitment to ensure they are aware of the importance of the Post Office to the city centre.
Mr Pakes added: “We need to be vigilant as the Post Office is an important part of the city centre.”
Under the deal Modella Capital, which has previously invested in Paperchase and Hobbycraft, will take ownership of about 480 stores and 5,000 employees.
However, WHSmith’s travel outlets, including those in airports and train stations, are excluded from the sale.
A spokesman for Modella has said it is ‘business as usual’ while changes take place and that the 195 Post Office counters currently in WH Smith stores will remain.
WH Smith group chief executive Carl Cowling: “High Street is a good business; it is profitable and cash generative with an experienced and high-performing management team.”
"However, given our rapid international growth, now is the right time for a new owner to take the High Street business forward."
The Post Office has been approached for a response.
In recent years, Bridge Street has seen the departure of Marks & Spencer, which moved from Bridge Street to the Queensgate Shopping Centre before closing last year, Mothercare, TK Maxx and New Look.