Modella Capital, the investment company that bought WH Smith’s former high-street chain last year and rebranded it as TG Jones, is announcing a deep restructuring that could lead to the closure of up to 150 stores. Multiple outlets report the plans were presented to landlords and are part of efforts to address losses at the retailer, with weak consumer spending cited as a key factor. The proposed shutdowns are expected to affect jobs, with reports describing hundreds of roles at risk and thousands of jobs potentially affected across the network. BBC News and others state that Modella acquired the chain in 2024, and the stores now trade under the TG Jones name. In addition to retail counters, the restructuring raises concerns about access to Post Office services. One report says contract changes could make it easier to close Post Office outlets located inside TG Jones stores, with estimates of up to 60 outlets potentially affected. The overall outcome is presented across sources as a major shake-up of the former WH Smith estate and a further blow to the high street, with local impacts described as potentially significant.
Modella Capital plans restructuring of TG Jones, risking closures of up to 150 stores
Modella Capital, the investment company that bought WH Smith’s former high-street chain last year and rebranded it as TG Jones, is announcing a deep restructuring that could lead to the closure of up...
- Modella Capital owns the former WH Smith high-street chain, now rebranded as TG Jones.
- The company announces a restructuring plan that could close up to 150 stores.
- Weak consumer spending is cited as a reason for the restructuring.
- Reports say hundreds of jobs are at risk, with total job impact described as potentially involving thousands.
- TG Jones runs Post Office outlets in some stores, and reports suggest contract changes could make up to 60 such outlets vulnerable to closure.
TG Jones, the chain created after private equity firm Modella bought WH Smith's high street business last year, currently operates 180 Post Office branches.
3 months agoTG Jones, the chain created after private equity firm Modella bought WH Smith's high street business last year, currently operates 180 Post Office branches.
3 months agoExclusive: Contract changes mean Post Office outlets inside TG Jones stores would be easier to close, with up to 60 possibly affectedThe owner of WH Smith’s former high street business is aiming to change contracts with the Post Office to make it easier to close outlets within its stores, increasing fears that communities will become “postal deserts”.TG Jones operates 180 post offices and it is understood that as many as 60 could be closed under a restructuring plan by Modella, the private equity group that renamed the WH Smith high street chain as TG Jones after buying it last year. Continue reading...
3 months agoTG Jones, formerly known as WH Smith, is to be axed in a cost-cutting measure by the firm’s owners Modella Capital.
3 months agoLow-profile Modella has positioned itself as a key creditor, landlord and brand owner to struggling TG Jones as store closures and job cuts loomShoppers at WH Smith were once accustomed to being offered cheap chocolate stacked high at the counter while buying their morning newspaper. Now, the chain’s former high street stores have themselves become the subject of a cut-price deal – as the low-profile investment group that snapped them up appears set to pay less than half of the original cash price.The paperclips to books chain had notched up 233 years on the British high street when it was bought by Modella Capital last summer. Continue reading...
3 months agoOn Wednesday, Modella Capital - the new private-equity owners of the rebranded WH Smith shops - outlined their plan to rescue the ailing business to the company's creditors.
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