The new owner of WH Smith, a High Street chain, has been considering a wave of mass business closures for at least 12 months. This comes after Modela Capital completed a deal to acquire the business in March.<\/p>\n
WH Smith has the right to terminate a one-year transition services agreement (TSA) with Modela Capital if the latter introduces a voluntary arrangement (CVA) before the first anniversary of the transaction. The TSA allows Modela Capital to use WH Smith’s systems after ownership.<\/p>\n
WH Smith agreed to sell its 480 High Street shops in a \u00a376 million deal to Modela, ending 233 years of history on the High Street. Modela plans to rename the chain under the name TG Jones after the takeover.<\/p>\n
In recent weeks, Modela has unveiled plans to start CVAs in both Hobbycraft and The Original Factory Shop, which it acquired nine and three months ago, respectively. Both restructuring processes have put a significant number of shops at risk, and industry managers say that over time, a considerable part of the WH Smith High Street estate could be at risk.<\/p>\n
A spokesman for Modela said, "We have a number of exciting plans for the future of TG Jones. A CVA is not on the agenda because it is a solvent business." WH Smith, which became a pure travel retailer after completing the Modela deal, declined to comment further before completing the sale.<\/p>\n","protected":false},"excerpt":{"rendered":"
Introduction to WH Smith’s New Ownership The new owner of WH Smith, a High Street chain, has been considering a wave of mass business closures for at least 12 months. This comes after Modela Capital completed a deal to acquire the business in March. Transition Services Agreement WH Smith has the right to terminate a<\/p>\n","protected":false},"author":1,"featured_media":9490,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[],"class_list":{"0":"post-9489","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"_links":{"self":[{"href":"https:\/\/nanamedia.org\/en\/wp-json\/wp\/v2\/posts\/9489","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nanamedia.org\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nanamedia.org\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nanamedia.org\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nanamedia.org\/en\/wp-json\/wp\/v2\/comments?post=9489"}],"version-history":[{"count":1,"href":"https:\/\/nanamedia.org\/en\/wp-json\/wp\/v2\/posts\/9489\/revisions"}],"predecessor-version":[{"id":9491,"href":"https:\/\/nanamedia.org\/en\/wp-json\/wp\/v2\/posts\/9489\/revisions\/9491"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nanamedia.org\/en\/wp-json\/wp\/v2\/media\/9490"}],"wp:attachment":[{"href":"https:\/\/nanamedia.org\/en\/wp-json\/wp\/v2\/media?parent=9489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nanamedia.org\/en\/wp-json\/wp\/v2\/categories?post=9489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nanamedia.org\/en\/wp-json\/wp\/v2\/tags?post=9489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}