WH Smith has sold its UK high street business to Hobbycraft owner Modella Capital, as it looks to focus on its travel stores.

The £76m acquisition, which is set to be completed later this year, will see WH Smith’s 480 high street stores, with over 5,000 staff, be transferred to Modella.

It is understood the stores will be rebranded as TG Jones, with current WH Smith high street division managing director Sean Toal set to lead the new brand.

The sale will not impact the WH Smithh travel retail division, which last year expanded its grocery offering through the launch of good-to-go and own-brand sandwich ranges.

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“As we continue to deliver on our strategic ambition to become the leading global travel retailer, this is a pivotal moment for WHSmith as we become a business exclusively focused on Travel,” said WH Smith Group CEO Carl Cowling.

“With the ongoing strength in our UK Travel division, and the scale of the growth opportunities in both North America and the Rest of the World, we are in our strongest ever position to deliver enhanced growth as we move forward as a pure play travel retailer.

“However, given our rapid international growth, now is the right time for a new owner to take the High Street business forward and for the WHSmith leadership team to focus exclusively on our Travel business. I wish the High Street team every success.

“As we look forward as a simplified, travel-focused Group, I am excited about the Group’s future prospects. With a clear strategy, a strong balance sheet, and operations in high growth and attractive markets, we are well-positioned to generate substantial growth and value for all stakeholders.”