Under terms of deal with Hobbycraft owner, 233-year-old brand will become TGJones

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WH Smith is to sell its 480 retail stores to the Hobbycraft owner, Modella Capital, in a deal worth £76m, and has confirmed that the 233-year-old brand will disappear from the high street 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, while WH Smith is retaining its brand for its travel shops.