London, June 30, 2026, 09:15 BST
- London stocks traded at the dateline time. TG Jones remains private. WH Smith PLC (LON:SMWH) and the listed landlords still drive the market signal.
- The Telegraph said a judge pushed back a decision on TG Jones’s rescue proposal, which would shut as many as 150 out of 450 stores and reduce rents.
- YouGov PLC (LON:YOU) data puts TG Jones brand awareness at 44.5%, well below WH Smith’s 93.4%.
- WH Smith is off the high street now, but the travel business is still pressured. The company just raised £106 million in equity last week and cut its profit outlook in June.
TG Jones, which bought WH Smith’s high street stores, was still waiting on a High Court decision over its rescue plan on Tuesday after a judge delayed ruling, The Telegraph reported. The judge warned the chain may not be able to cover bills if the restructuring isn’t approved.
The investor angle is that the court dispute now covers more than just rent. It’s turned into a question of how fast a 233-year-old high-street brand shed value after leaving a listed travel retailer and moving under a new name. TG Jones warned that administration is likely if the plan fails.
| Measure | Latest confirmed figure | Market read-through |
|---|---|---|
| Store base | 450 stores | If 150 shops shut, a third of outlets could go |
| Closures sought | Up to 150 stores | Landlords and local workers face more strain |
| Top-store landlords | More than 80% backed the plan | Landlords with better units are signed on |
| General creditors | Less than one-third backed the plan | Little trust left with suppliers |
| Unwanted-site landlords | No backing from landlords facing zero rent or closure | Court could impose the deal on landlords who lose out |
| Reported Sept-March loss | £18.6 million | Chain was in the red before court hearings |
| Reported supplier debt | £4 million | Trade creditors still exposed |
The split vote is important since UK restructuring plans can go ahead with backing from just one creditor class and court signoff. TG Jones got support from big landlords who control top-performing stores. But other landlord groups, general creditors, and landlords for sites to be exited pushed back against the plan.
YouGov BrandIndex numbers paint a rougher picture for the brand than the latest store figures. WH Smith posted 93.4% awareness, way ahead of TG Jones, which stood at 44.5%. WH Smith also scored higher than TG Jones for impression, quality, value, and reputation, according to YouGov.
| YouGov BrandIndex measure | WH Smith | TG Jones | Gap |
|---|---|---|---|
| Awareness | 93.4% | 44.5% | 48.9 percentage points |
| Impression | 15.9 | 3.6 | 12.3 points |
| Quality | 12.9 | 2.4 | 10.5 points |
| Value | 1.6 | -2.7 | 4.3 points |
| Reputation | 5.9 | -2.2 | 8.1 points |
| Consideration | 18.9 | 14.7 | 4.2 points |
Sales are already down. A restructuring document seen by The Guardian said the numbers fell as stores changed hands from WH Smith to TG Jones, with sales dropping 12% between September and March. The report also pointed to £3.4 million in deferred business rates, an £8.4 million HMRC delay, and £4 million owed to suppliers.
WH Smith has sold its high-street business to Modella Capital as it shifts to travel retail. Reuters said in March 2025 the sale put a £76 million value on the high-street unit, which includes nearly 500 shops that will go under the TG Jones name. “Now is the right time” for new ownership, then-CEO Carl Cowling said. Hargreaves Lansdown analyst Susannah Streeter called the high-street business “more of a burden than a diversified blessing.” Reuters
WH Smith trimmed the final sale terms, saying weaker trading and wary stakeholders pulled down ongoing cash flow. The company now expects gross cash proceeds to come in at up to £40 million, down from the earlier £52 million forecast. It also pointed to £27 million in transaction and separation costs and net debt of around £425 million on completion.
The TG Jones court case still matters for WH Smith investors because of that gap, even though the company no longer owns it. Modella says the restructuring is part of a turnaround plan tied to £35 million of investment. That sum is about what WH Smith had expected to get in gross cash from the sale, before costs.
WH Smith’s shares are under fire. Reuters said this month the firm raised £106 million at 410 pence per share, lowered its adjusted headline pretax profit target to £75 million-£90 million from the earlier range of £90 million-£105 million, and watched its stock drop to the lowest since August 2010. Richard Chamberlain at RBC Capital Markets said WH Smith needs to “rebuild credibility with the market.” Reuters
Landlords with publicly traded property stakes are at the center of the read-through. British Land Company PLC (LON:BLND) dropped its objection and abstained after changes, The Guardian said. Land Securities Group PLC (LON:LAND), NewRiver REIT PLC (LON:NRR) and M&G PLC (LON:MNG) had supported British Land’s initial stance that the first plan was unfair.
Suppliers are taking another blow. The Guardian said non-core suppliers will get less than 50% of what they’re owed, with the remainder held back for three and a half years. Some exit-contract suppliers will just have their debts cleared and might see a cut of profits, but only if those profits return. Core suppliers, including Condé Nast, Ferrero, and Lonely Planet, would still have to wait to be paid in full.
The next ruling will determine if two TG Jones companies can push the plan ahead with backing from one creditor class, despite objections. TG Jones says if approval doesn’t come, administration is probable.
