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Finance

Former WH Smith high street chain TGJones launches restructuring plan

Published by Global Banking & Finance Review

Posted on May 6, 2026

1 min read

· Last updated: May 6, 2026

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TGJones, Former WH Smith Chain, Launches £35M Restructuring Plan Supported by Modella Capital

Restructuring Announcement and Financial Backing

Details of the Restructuring Plan

May 6 (Reuters) - TGJones, the former WH Smith high street business, said that on Wednesday it had launched a formal restructuring plan as part of efforts to turn around the business, with owner Modella Capital committing more than 35 million pounds ($47.7 million) to support the process.

Exchange Rate Information

($1 = 0.7339 pounds)

Reporting Credits

(Reporting by Nithyashree R B in Bengaluru; Editing by Mrigank Dhaniwala)

Key Takeaways

  • Modella Capital is committing more than £35 million to support TGJones’s turnaround, following its acquisition of the high‑street business in mid‑2025 (approx. £76 million purchase) (retailgazette.co.uk)
  • The restructuring may include closure of up to 100 stores—around 80–100 of its roughly 480 locations are at risk—under plans developed with advisers Teneo and law firm Slaughter & May, potentially using a court‑approved “cram‑down” mechanism ﹙if creditors consent ﹚ (retailgazette.co.uk)
  • The 480‑store network was acquired and rebranded by Modella in June 2025, with TGJones retaining services like Post Offices and Toys “R” Us in many outlets, aiming to preserve high‑street presence while WH Smith focused on its travel‑retail arm (en.wikipedia.org)

References

Frequently Asked Questions

What is TGJones?
TGJones is the former WH Smith high street business undertaking a restructuring plan.
Why is TGJones launching a restructuring plan?
TGJones is launching the plan to turn around its business with new financial support.
How much is Modella Capital investing in TGJones?
Modella Capital is committing over 35 million pounds ($47.7 million) to support TGJones.
When was TGJones's restructuring plan launched?
TGJones announced the formal restructuring plan on Wednesday, May 6.
Who reported on TGJones's restructuring plan?
Nithyashree R B in Bengaluru reported the news, edited by Mrigank Dhaniwala.

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