A deal to secure the future of WHSmith, now named TGJones, has been confirmed after crunch talks that could see the closure of 150 stores

20:02, Tue, Jun 23, 2026 Updated: 20:04, Tue, Jun 23, 2026

Crowded sidewalk on Oxford Street in London

150 stores could close as a result of the deal (stock image) (Image: Getty)

A UK high street giant has been saved in a takeover deal that could see the closure of 150 stores. British Land dropped its opposition to a deal aimed at TG Jones' restructuring proposal. TG Jones, formerly WH Smith, was reportedly on the brink of collapse before a takeover deal which has since passed.

The restructuring plan outlined by TG Jones could see the closure of 150 stores across the UK. British Land will instead abstain on the proposals set to be voted on later this week. Thousands of jobs were put at risk had the deal not gone through. Modella Capital, the company that owns TG Jones, reportedly made several concessions on a number of its key proposals.

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The firm had been keen to no longer pay rent at several locations across the country, a proposal which has seemingly been removed from the restructuring plan, Sky News reported. A full list of the 150 stores potentially schedueld for closure has not been revealed but creditors believe the proposal does not go far enough.

Speaking with Sky News, the unnamed creditor said: "It presupposes that the company will have sufficient cash in three years to pay an upside at all while the business will still have to repay its debts."

The creditor also called the decision to pay 12% over base rate for the Modella-owned TG Jones name "bizarre". They added: "It is bizarre that they agreed to pay millions of pounds for a completely unknown brand in the first place."

A British Land spokesperson said on Tuesday: "Following detailed discussions with TG Jones over the last few days, and a number of material concessions made by the company to mitigate unfairness caused to landlords, British Land has agreed to withdraw its objection to the plan, and will abstain from voting.

TG Jones newsagent store, formerly WH Smith, on Billericay High Street, Essex.

The TG Jones restructuring will stand unopposed by British Land (file) (Image: Getty)

"The company’s proposal is now materially different to the one originally advanced, with rent reductions for Class A and B stores kept open being repaid after 3 years and landlords given security to guarantee the payment, as well as a share of 50pc of the company’s EBITDA [earnings before interest, tax, depreciation and amortisation] that is not reinvested in the business."

British Land owns six TG Jones stores. Modella has also rejected criticism of its proposals and outlined a £35m investment into the business should the deal go through. Had the proposal been rejected, Modella claims that around 5,000 jobs would be lost due to an administration period.

A TG Jones spokesperson said: "We are aware of suggestions made by a small number of landlords in connection with the Restructuring Plan. We have engaged constructively with these landlords, as we have with other creditors across the estate.

"As a result of that engagement, we have improved the terms of the Plan to reflect feedback received. We believe these improvements demonstrate our commitment to achieving a satisfactory outcome for all stakeholders."