HMV owner Doug Putman is the latest potential bidder considering the acquisition of WHSmith’s unwanted portfolio of circa 500 high street stores.

Putman, a Canadian billionaire, rescued music and entertainment specialist HMV from bankruptcy in 2019 and has joined several potential suitors running the rule over WHSmith’s shops, including Apollo-backed Bensons for Beds owner Alteri and Hobbycraft owner Modella Capital.

The 233-year-old WHSmith confirmed over the weekend that it was “exploring potential strategic options for this profitable and cash generative part of the group, including a possible sale.”

Its move comes because the group has pivoted toward travel retail over recent years, owning several brands in airports around the world, including a significant presence in the U.S.

Putman also came close to rescuing discount general merchandiser Wilko from administration when it collapsed in 2023, and he has gradually expanded HMV’s real estate, including moving back into the retailer’s original flagship on London’s Oxford Street.

However, he will have to rival Modella Capital, whose executives have previously been involved in specialist retailers including Paperchase and Tie Rack, with WHSmith keen to wrap up a deal during the spring.

If completed, the disposal of its high street portfolio would leave London-listed WHSmith focused on its 1,200-strong travel retail store operation at airports, railway stations and hospitals.

The WHSmith name first appeared in 1792, and the business specialises in selling a range of items from greeting cards and stationery to books and magazines. Its high street division recorded flat operating profits of £32M last year, with WHSmith's travel business accounting for 75% of the company's revenue and 85% of trading profit.

Around 15 WHSmith shops are scheduled to close this year as part of a rationalisation of its store estate.

“Over the past decade, WHSmith has become a focused global travel retailer. The group's travel business has over 1,200 stores across 32 countries, and three-quarters of the group's revenue and 85% of its trading profit comes from the travel business,” the company said in a statement addressing speculation over its future.

“There can be no certainty that any agreement will be reached, and further updates will be provided as and when appropriate.”