The company now operating the former WH Smith high street stores, rebranded as TG Jones, is imposing a fee for the use of a deliberately vague "family" brand. This royalty arrangement was revealed amidst a significant restructuring plan that threatens numerous store closures and rent reductions, less than a year after the chain was acquired by Modella Capital.
Modella Capital, which purchased the high street business from WH Smith's parent company last year, has cited weak consumer spending as the reason for its aggressive restructuring. The royalty payments are to be made to TG Jones. Once a loan is repaid, Modella will receive these licence payments directly. This structure for generating income comes as TG Jones has reportedly ceased paying business rates and delayed supplier payments in an effort to conserve capital.
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The restructuring plan could see as many as 150 of the 450 shops close. An additional dozens more face reduced rents. This move follows reports from March 2026 that Modella had brought in corporate troubleshooters, acknowledging an underestimation of the impact of losing the WH Smith brand name. Around 80 TG Jones stores, out of roughly 480 nationwide, are understood to be most at risk due to prolonged weak trading.
The shift from the established WH Smith brand to TG Jones has been met with public disapproval. Shoppers have described the rebrand as "pointless and idiotic," questioning the strategic value of replacing a "supremely well-trusted household brand name" with a "fictitious 'family' name." The physical experience in the rebranded stores has also drawn criticism, with one report suggesting TG Jones feels like a "WH Smith that’s been cross-bred with a cheapo bargain store," offering a downmarket impression.
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The sale of the WH Smith high street business to Modella Capital, in a deal valued at £76 million, concluded WH Smith's 230-year presence on UK high streets. While the travel shops in stations, airports, and hospitals retained the WH Smith brand, the 464 high street stores were rebranded as TG Jones around June 2025. This transition occurred despite the understanding that the travel and high street businesses were fundamentally different. The choice of "Jones" as a new brand name, alongside the commonality of "Smith," has been noted as part of this rebranding strategy. The lack of long-term investment is cited as a primary reason for the high street's struggles prior to the sale.
