WH Smith name to disappear from high street in agreed £76m sale to Modella

The WH Smith high street business has 480 stores and employs 5,000 staff. WH Smith is retaining its brand for its travel shops. Photograph: Neil Hall/EPA

WH Smith is to sell its 480 high street stores to the Hobbycraft owner, Modella Capital, in a deal worth £76m, and has confirmed that the 233-year-old brand will disappear from town centres after a “short transitional period”.

Under the terms of the deal, the high street business, which employs 5,000 staff, will be rebranded as TGJones starting from about June, when the deal is expected to be completed. WH Smith is retaining its brand for its travel shops in railway stations, airports and hospitals.