Warwick's WH Smith store is set to be sold as part of a huge £76 million deal.

The chain has announced the sale of its 233-year-old high street businesses to Modella Capital - the firm which owns Hobbycraft.

The deal will include all 480 stores nationwide, including Warwick's WH Smith at Market Street.

The high street stores will eventually have the WH Smith name removed to be replaced with TGJones.

WH Smith said the sale will mean it can focus on the travel arm of the business.

"Over the last decade, WHSmith has become a leading global travel retailer with over 1,200 Travel stores across 32 countries," a statement said.

"While profitable and cash generative, the UK High Street business has become an increasingly smaller part of the WHSmith Group.

"In the financial year ended 31 August 2024, 75% of the Group's revenue and 85% of its trading profit came from its Travel business.

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"As the group has successfully developed its Travel Essentials proposition, including a higher proportion of food and drink, health and beauty and tech accessories, its customer offer in travel is increasingly different from that of its UK High Street business."

Some 5,000 people are employed across the 480 UK stores and the Swindon support centre.

All employees and assets will be transferred to Modella through the sale.

Carl Cowling, Group Chief Executive, commented: "As our travel business has grown, our UK High Street business has become a much smaller part of the WHSmith Group.

"High Street is a good business; it is profitable and cash generative with an experienced and high-performing management team. 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."

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