IT HAS taken Lord Blyth, chairman of Boots, 10 years to get the Ward White albatross off his back. When that deal was done, the reasoning was that with Boots the Chemists threatening to go ex-growth, the company had to diversify. So for the princely sum of pounds 900m, Lord Blyth acquired the peerless portfolio of Payless DIY (later merged with WH Smith's Do It All), AG Stanley (including Fads and Homestyle) and Halfords. That it was a disaster on a grand scale goes without saying. The housing boom turned into a bust and the brands revealed themselves as some of the weakest in their sectors.

AT FIRST glance Bill Cockburn's plans to shake up BT's UK operations look like the actions of a man with too much time on his hands. When he was plucked from WH Smith to become BT's UK managing director last year, the idea was that Mr Cockburn would manage the shop while Sir Peter Bonfield was on the other side of the Atlantic running the merger with MCI. But before his name was on the door of his office the deal had collapsed, and BT was looking a bit top-heavy.

Brian Lewis set up the Yorkshire Art Circus to help locals tell their story

WH SMITH has replaced the chief executive and finance director of its American business, fuelling City fears of poor trading.

Is it a style mag, a club mag, a porno mag or a fanzine? With a name like Sleaze Nation, it's hard to tell, and the unusual covers make it even harder to guess what's inside. A sun-lounger, garbled graphics, and even an old car have adorned the cover in the past, but Sleaze Nation, despite being pigeon-holed as Dazed & Confused's younger sibling, is nothing of the sort.

IT WAS a bumper day for shareholders yesterday as three companies announced substantial share buy-backs. WH Smith led the way with plans for a pounds 250m capital return following the completion of the pounds 300m sale of Waterstone's to HMV Media. Burmah Castrol, the lubricants group, also showered its shareholders with pounds 250m. Separately Ascot, the engineering mini conglomerate, announced a pounds 50m share buy-back.

KINGFISHER, the B&Q and Woolworths retailer, is expanding its Music Video Club (MVC) chain in a move that could see it move into territory traditionally occupied by WH Smith.

CONSUMERS could soon enjoy cheaper books as the sleepy British book market heads for a price war that could knock 10-20 per cent off the cost of a typical hardback or paperback.

The managing director of the John Menzies retail business is in line for a pounds 1m pay-off following yesterday' agreement to sell the chain to WH Smith for pounds 68m.

WH Smith confirmed yesterday that it is in talks with John Menzies to buy the group's high street newsagent stores in a deal which analysts said could be worth pounds 80m. Smiths is understood to be in exclusive negotiations with Menzies to buy its 232 outlets which were put up for sale in January.

RIVAL BIDDERS including WH Smith are thought to have entered the fray for the retail business of John Menzies which was put up for sale in January. Alchemy, the venture capital group, was front runner to buy the chain in a deal worth around pounds 55m. However, it is understood that the sale has been delayed by two rival suitors which have come in with higher offers.

Tim Waterstone, the bookselling entrepreneur, admitted yesterday that a rival buyer could launch a higher bid for Waterstone's and scupper his pounds 300m deal with WH Smith, writes Nigel Cope.

THE MAN who revolutionised Britain's book stores was back in charge of his Waterstone's chain yesterday after a long-forecast three-way pounds 500m deal also put Dillons and HMV record shops into his control.

WH SMITH could announce the sale of its Waterstone's books division to a joint venture led by EMI as early as today. The two groups were working through the night to hammer out final terms which should value the chain at pounds 300m, writes Nigel Cope.