Wells' WHSmith store in the High Street is among 480 UK branches set to be sold in a £76 million deal with investment firm Modella Capital, the owner of Hobbycraft.

The sale marks the end of an era for WH Smith's 233-year-old high street business, which will eventually be rebranded under a new name – TGJones.

The retailer said the move will allow it to concentrate on its growing travel division, which now accounts for the vast majority of the company's revenue.

In a statement, WHSmith said: "Over the last decade, WHSmith has become a leading global travel retailer with over 1,200 travel stores across 32 countries. While profitable and cash generative, the UK high street business has become an increasingly smaller part of the WHSmith Group."

Figures from the financial year ending 31 August 2024 show that 75% of the group's revenue and 85% of its trading profit came from its travel arm, which has expanded to include food and drink, health and beauty products, and tech accessories.

As part of the deal, around 5,000 employees currently working across the 480 high street stores and at WHSmith's Swindon support centre will transfer to Modella Capital.