WHSmith agrees to sell British high street shops in bid to rebrand

All the approximately 480 stores and 5,000 staff working for the high street businesses will move under Modella Capital's ownership as part of the deal. File Picture: Chris Radburn/PA

WHSmith has agreed to sell its British high street chain to Hobbycraft owner Modella Capital, in a deal valuing it at £76m, and it will eventually rebrand as TGJones.

The sale does not include the retailer's travel locations, such as shops in airports and train stations, nor the WHSmith brand.