Modella Capital, the private equity firm that acquired WHSmith’s high street chain and rebranded it as TGJones, is set to close up to 150 of its 480 shops in a restructuring that puts hundreds of retail jobs at risk.
The closures, confirmed to the BBC, represent the latest blow to a UK high street already struggling with weak footfall, rising costs, and a string of high-profile collapses. The move comes barely a year after Modella purchased WHSmith’s bricks-and-mortar arm for £40 million in March 2025. The WHSmith name was excluded from the transaction and retained by the listed group, which has pivoted toward its more profitable travel concessions at airports and railway stations.
A Modella spokesperson said the decision had “not been taken lightly,” citing what it described as exceptionally difficult trading conditions. “While we continue to believe in the strength of the core business, TGJones has experienced highly challenging trading conditions over the past year, along with many other brick-and-mortar retailers,” they said.
The company attributed its difficulties to three main factors: the forced rebrand from the 233-year-old WHSmith fascia, which it said had damaged brand recognition almost overnight; rising operating costs “as a direct result of government policy,” a reference to increased employer National Insurance contributions and the higher national living wage; and unspecified “geopolitical events.”
The restructuring plan is designed to protect the core store estate and create a more sustainable business, the spokesperson said.
Modella has not yet detailed how the cuts will be distributed across its workforce but acknowledged the plan “may result in the closure of some stores and the loss of some roles.” The company said it would attempt to preserve “as many jobs as possible” and recognized the impact on staff, their families, and communities.
The TGJones cuts follow Modella’s stewardship of another high street name ending in collapse. Claire’s, the teenage jewellery and accessories chain, ceased trading in the UK and Ireland in April, closing all 154 standalone stores and making 1,300 staff redundant. Modella had bought the British arm of Claire’s out of administration in September before placing it back into insolvency proceedings after what it called an “alarmingly” weak Christmas. Modella also owns Hobbycraft, raising questions about the durability of its high street portfolio.
For independent traders and SME owners sharing Britain’s high streets with TGJones, the planned closures underscore that scale offers no protection. The combination of post-Budget cost increases, persistent shift to online shopping, and the loss of anchor retailers continues to hollow out town centres, with knock-on effects on footfall and the smaller businesses that depend on it.
Whether Modella’s trimmed-down TGJones can find a sustainable footing without the WHSmith name above the door—and without the cross-subsidy previously provided by stationery, books, and Post Office concessions—will be the defining test of its turnaround strategy.