The WH Smith name is set to disappear from UK High Streets after 233 years after the firm agreed to sell its shops to Hobbycraft-owner Modella Capital.

The sale, which values the chain at £76m, does not include the WH Smith brand, its travel shops at airports and railway stations or its outlets in hospitals.

The new owner will rebrand the network of High Street news and stationery outlets as TGJones, marking an end for WH Smith which set up its first shop in London in 1792.

Modella Capital will take over 480 stores and 5,000 staff.