WH Smith has sold its 233-year old high street business to the owner of Hobbycraft for £76m.
Sky News revealed in January how a sales process was under way for the arm, which employs roughly 5,000 people and has almost 500 stores.
Modella Capital won the final stage of the auction process in a run off against Alteri investors – both specialists in turning around troubled retailers.
Money latest: Time running out for EV drivers to save £195
The deal will see the WH Smith name erased from town centres to become TGJones.
The sale allows the WH Smith business to focus fully on its lucrative travel retail arm.
That has around 1,200 stores, based mainly at airports and railway stations, in 32 countries globally and accounts for 85% of group profits.
Chief executive 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”.
Read more from Sky News:
Port giant ‘discredited’ by minister despite £1bn investment
Trump tariffs: German town frets over VW future
Boohoo’s Debenhams renaming opposed by Ashley
This breaking news story is being updated and more details will be published shortly.
Please refresh the page for the fullest version.
You can receive Breaking News alerts on a smartphone or tablet via the Sky News App. You can also follow @SkyNews on X or subscribe to our YouTube channel to keep up with the latest news.
