Up to 100 Former WHSmith Stores Set to Close Across the UK After TG Jones Rebrand
The private equity owner is seeking rent cuts to keep about 400 shops open while it weighs a restructuring plan under legal pressure.
- Modella Capital is planning to close up to 100 TG Jones stores as part of a major restructuring effort. The private equity firm acquired the former WHSmith high street estate last year and rebranded it.
- Following the expiry of a 12-month moratorium on closures agreed during the 2025 acquisition, the business previously aimed to grow the estate to more than 500 stores and position TG Jones as a "hub of the high street."
- Restructuring would affect around 100 of the chain's 480 shops, aiming to keep approximately 400 branches trading if landlords agree to rent reductions. Locations at risk include Swindon, Chippenham, Oxford, Ipswich, Hampshire, and North Wales.
- Modella is reportedly considering a "cram-down" legal mechanism to push through the plan with High Court approval. The firm is working with professional services firm Teneo and law firm Slaughter and May on the proposal.
- Secure Trust, which provided a £50m loan for the acquisition, is expected to play a pivotal role in negotiations. The retailer has struggled since the rebrand, with some sites performing better under the original WHSmith name.
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TGJones Facing Up To 100 Store Closures As Part Of Restructuring Plan To Secure Survival
Modella Capital is reportedly preparing a major restructuring of TGJones, the former WHSmith high street chain, which could lead to the closure of up to 100 stores. The private equity firm, which acquired the retailer last year, is understood to (more…) The post TGJones Facing Up To 100 Store Closures As Part Of Restructuring Plan To Secure Survival appeared first on KamCity.
TG Jones owner Modella Capital plots up to 100 store closures
TG Jones owner Modella Capital is reportedly preparing a major restructuring of the former WHSmith high street business, which could lead to the closure of up to 100 stores. The private equity firm, which acquired WHSmith’s high street bookshop and newsagent estate last year and rebranded it as TG Jones, is understood to be drawing up plans aimed at avoiding a potential collapse of the business. According to reports, the restructuring would affe…
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