Group revenues rose 3% during the 21 weeks to 25 January, as sales growth in Travel continued to offset problems on the High Street.

British retailer WH Smith Plc’s potential sale of its high street business risks triggering an event of default on its debt, according to the convertible bond desk at Jefferies.

WH Smith has revealed a drop in High Street sales amid talks of selling 500 of its UK shops. Its High Street sales fell 6% in the 21 weeks to January 25, covering the key Christmas period, down 3% on the previous year.