# Private equity firm Modella Capital bought WH Smith’s high street locations in a £42m deal last year but is poised to launch an emergency restructuring.

*business · news · 2026-05-10 · City A.M.*

## Key points

- WH Smith received only £10m upfront from Modella for its high street stores in the £42m deal.
- The remaining £32m of the sale price is contingent on TG Jones’ future cash flows.
- TG Jones, formerly WH Smith stores, may close up to 150 locations amid an aggressive restructuring.
- Modella has charged TG Jones £2.9m in royalty fees for the use of its new brand name.
- Modella recently asked WH Smith to help fund redundancy payments for staff losing jobs in the restructuring.

**Companies:** WH Smith, Modella Capital
**Countries:** United Kingdom

[Read the full story on City A.M.](https://www.cityam.com/wh-smith-made-only-10m-from-sale-of-500-stores/)

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