WH Smith is in talks to sell its high street arm, as the £1.5bn company looks to focus entirely on its travel retail business.

The company’s high street operation is made up of about 500 stores, employing around 5,000 people.

“WH Smith confirms that it is exploring potential strategic options for this profitable and cash generative part of the group, including a possible sale,” a statement from WH Smith said.

The story was first reported by Sky News’ Mark Kleinman, which stated that bankers at Greenhill had been appointed to run the sale process for the high street business.

Throughout the last decade, WH Smith has focused almost entirely on its travel retail business which operates in airports, train stations and hospitals.

With the travel retail business increasingly profitable , the high street business now accounts for just 15 per cent of WH Smith’s profit annually.

“Over the past decade, WH Smith has become a focused global travel retailer,” the statement added.