British Land Withdraws Objection to TG Jones Restructuring

By the Editorial Team · Wednesday, June 24, 2026

British Land has dropped its opposition to TG Jones’s restructuring plan after the retailer’s owners offered new concessions to landlords, including deferred rent repayments and a share of future profits. The creditor vote and upcoming court hearing will decide whether TG Jones can move forward with closing 150 stores to stabilize its business amid ongoing financial struggles.

British Land has withdrawn its opposition to a restructuring plan for TG Jones, a struggling high street retailer, following a series of last-minute concessions from the company’s private equity owners. The FTSE 100 commercial landlord announced it will abstain from voting when creditors decide on the proposals in the coming days.

The restructuring plan calls for the closure of 150 out of TG Jones’s 450 stores, aiming to safeguard thousands of jobs amid ongoing financial difficulties. Modella Capital, which acquired TG Jones last year when the retailer was known as WH Smith, has been working to secure creditor backing ahead of a key court hearing scheduled for next week.

The restructuring, termed a “cram down,” requires approval from at least one class of creditors and the court’s endorsement to proceed. British Land, which owns six of TG Jones’s locations, had previously criticized the plan as unfair, citing significant rent reductions even on profitable stores and placing an excessive share of the financial burden on landlords.

After extensive discussions with TG Jones, British Land indicated that the company had made material changes to the initial proposal to address landlords’ concerns. These adjustments include deferred repayment of rent reductions for the stores that remain open—classified as class A and B—after three years, alongside providing landlords with security to back these payments. Additionally, landlords are now entitled to a share of 50 percent of the company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) that is not reinvested in the business.

In a statement, TG Jones acknowledged the concerns raised by a small group of landlords and emphasized its ongoing dialogue with creditors throughout its estate. The company said it has refined the restructuring terms in response to feedback and expressed confidence that these improvements would help deliver a satisfactory resolution for all parties involved.

The outcome of the creditor vote and the subsequent court approval will determine the future of TG Jones’s operations and its efforts to stabilize the business amid persistent challenges facing the UK high street.

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