WH SMITH, which has a store in Tavistock, is to be rebranded.

The company has sold its UK high street chain to Hobbycraft owner Modella Capital in a deal valuing it at £76 million deal.

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.

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.

The deal will see the WH Smith name disappear from high streets and replaced by brand TGJones.

The travel division, which has become the key focus of the group in recent years and also includes shops in hospitals, will not be changing.

That makes up the bulk of its sales and profits, and has grown to more than 1,200 stores across 32 countries.

High street shops have become a “much smaller part” of the group, its boss said.