WH Smith Asian airport business sold again

Gavin Lipsith

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New Zealand firm A&R Whitcoulls has sold its airport business in Australia and Hong Kong shortly after acquiring the operations from WH Smith

Hachette Distribution Services (HDS) Retail Asia is to acquire 15 WH Smith travel-retail outlets in Australia and Hong Kong for A$22m ($17m). New Zealand news and books retailer A&R Whitcoulls, which acquired the business from WH Smith last year, will hand over 10 stores at Hong Kong International airport, four at Sydney Kingsford Smith airport and one at Melbourne International airport.

HDS has agreed to pay Whitcoulls a further A$600,000 ($462,000) for each of the next four years and up to A$600,000 annually for four years after that. Whitcoulls will retain Angus & Robertson and Whitcoulls brands as well as its travel-retail business in New Zealand.

Whitcoulls parent company Pacific Equity Partners acquired the WH Smith travel-retail business in Hong Kong and Australia in July last year. The group's Singapore Changi locations were bought by TimesNewsLink, a joint venture between HDS-owned Australian company NewsLink and Times the Bookstore.