The new owner of WHSmith's high street stores has been banned from widespread stores closures for now.

Under the terms of a transitional services agreement (TSA) between WHSmith and new owner, Modella Capital, the buyer can't carry out mass closures for at least 12 months, as reported by Retail Gazette.

Modella, which snapped up 480 stores including those in Gloucester, Cheltenham, Stroud, Cirencester and Tewkesbury, for £76m, is also prohibited from initiating a company voluntary arrangement (CVA) within the first year.

The sale brings to an end 233 years of WHSmith in town centres across the UK, with Modella planning to rebrand the high street staple as TG Jones.

The sale of the declining high street operation means WHSmith can focus more on its growing global travel retail business.