UK jobs at risk as WH Smith heir in ‘bankruptcy battle’

The financiers behind TG Jones are considering both store closures and rent cuts, according to The Sunday Times, as they bid to keep the struggling high street brand alive.

Private equity fund Modella Capital purchased around 500 WH Smith high street stores in early 2025 in a deal that cost between £40 million and £76 million.

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WH Smith, which had been a feature of the UK’s high streets for over two centuries, sold the stores in order to focus on its travel business.

This included a number of Oxfordshire-based premises, with Oxford, Didcot, Wantage, Abingdon, Witney and Chipping Norton all having shops which were subsequently rebranded as TG Jones.

TG Jones in Stroud town centre (Image: Newsquest)

When asked whether any of these stores are under threat the business refused to comment, with 5,000 people employed by the brand across the UK.

However, The Sunday Times has said that TG Jones is set to unveil new restructuring proposals, which could lead to up to 100 of its shops shutting down and rent cuts for its high street landlords.

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This would be done through a ‘cram-down’, a measure which would require Modella to prove to a High Court judge that the only alternative would be to put the business into administration.

According to the Financial Times, TG Jones was chosen as a completely new brand name last year to reflect that the business would be widespread across the country’s high streets.

As part of the deal to take over the business Modella agreed not to close any store for a year, with the end of that period currently approaching.