TG Jones faces administration if not restructuring by end of July, lenders told
Modella Capital, the owner of the chain that was formerly WH Smiths high street shops, has laid out its turnaround plan to the company's creditors.
www.independent.co.ukHere’s the latest on TG Jones and its restructuring, based on recent reporting.
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TG Jones, the high-street retailer formerly under WH Smith branding, has launched a court-supervised restructuring plan that could lead to the closure of up to about 150 stores if creditors approve and the plan secures court sanction. The move aims to avert potential administration by the end of July, with about £35 million of new funding from the owner Modella Capital. This is the core update from multiple outlets reporting in early May 2026.
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Key dates and process: creditors are set to vote on the restructuring, with a High Court sanction hearing tentatively scheduled for late June, and the plan would take effect shortly after if approved. The plan relies on cross-class cram-down powers under the Companies Act 2006 to realign liabilities despite creditor objections. This timing and legal mechanism are repeatedly cited across outlets discussing the plan.
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Scope and impact: reports indicate a substantial footprint reduction, potentially closing many stores across the estate, and there could be job losses as a result. Early actions include eight store closures in the week prior to the May reports. The restructuring is framed as a turnaround effort driven by cost pressures, store rationalization, and the loss of WH Smith branding identity.
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Context and outlook: Modella Capital has been engaging advisers to support the plan, with discussions around refinancing debt and reducing the store count from the current base of roughly 480 stores. Several outlets describe the restructuring as a pivotal move to preserve meaningful operations while downsizing to a more viable footprint.
If you’d like, I can pull the most recent official statements or court documents and summarize the exact creditor classes, the proposed lease compromises, and the anticipated timeline in a compact bullet list. I can also set up a quick quick-check tracker for the key milestones (court hearing date, creditor vote date, expected store closures) and deliver a brief update when new information emerges.