WHSmith to sell the high street business to Hobbycraft-owner Modella Capital for 76 million pounds.

The sale will result in the loss of the WH Smith name from British shopping streets, as the group's nearly 500 stores will be renamed TG Jones.

The move is as a result of the company's move towards becoming an exclusively travel business.

CEO of WHSmith, Carl Cowling said: "Given our rapid international growth, now is the right time for a new owner to take the High Street business forward and for the WH Smith leadership team to focus exclusively on our Travel business,"

A Modella Capital spokesperson said: "Modella Capital believes strongly in the future of the high street, and we are delighted to have the opportunity to take a heritage brand and develop it further in the coming years."

The new oner intends to retain existing services, including the Post Office.