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Modella Capital has brought in adviser Teneo to work on restructuring the former WHSmith high-street chain, less than a year after it acquired the business and rebranded it as TGJones.
The private equity firm, which struck a cut-price £40m deal for WHSmith’s 480 struggling high-street stores last June, is understood to be working with Teneo on the restructuring plans.
Roughly 80 stores are thought to be most at risk, Sky News reported.
A Modella spokesperson said: “The combination of cost inflation, weak consumer confidence and adverse government fiscal policies puts significant pressure on all retailers.
“Against this backdrop, the management of TG Jones is working hard to turn around this important retail business, drawing on the best available advice. TG Jones’s management and Modella Capital are committed to building a sustainable future for this important UK business.”
WHSmith retained its profitable transport hub portfolio when it struck the deal with UK-based Modella, which was founded in 2022 and has emerged as a prolific investor in distressed high-street retail brands.
In January, the firm placed both jewellery retailer Claire’s Accessories and the Original Factory Shop into administration, having acquired them in 2025.
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