Future of Banbury’s TGJones store uncertain
07/05/2026
The former WH Smith outlet was purchased by Modella Capital last year
The future of the TGJones shop in the Castle Quay shopping centre is in question following confirmation from the chain’s owner that a number of its former WH Smith stores could close, putting jobs at risk.
The investment company Modella Capital bought WH Smith’s 480 high street stores for £76m last year, but has blamed weak consumer spending and government policy as it embarked on a restructuring plan.
Reports in national newspapers claim eight of the chain’s stores will close immediately, while Modella is demanding 100 percent rent holidays on about 100 more and 75 percent rent reductions for other stores. If landlords refuse the stores could shut.
There is currently no information available to indicate if the Banbury store will be affected and it remains open as normal today.
A TGJones spokesperson told Banbury FM: “TGJones has launched a formal process known as a Restructuring Plan to make the business fit for the future. The plan is an essential part of the company’s turnaround and will support further investment in stores over the long term. Modella Capital has committed to financial contributions totalling more than £35 million as part of the process.
“This decision has not been taken lightly. While we continue to believe in the strength of the core business, TGJones has experienced highly challenging trading conditions over the past year, along with many other brick-and-mortar retailers. Weak consumer spending and cost-of-living pressures, combined with rising operating costs as a direct result of government policy and recent geopolitical events, have meant that the company as a whole has remained loss-making. The forced name change from WHSmith has also negatively impacted consumer awareness, despite the fact that the proposition has improved.
“The Restructuring Plan is designed to protect the substantial core of the store estate and create a stronger, more sustainable business that can continue to serve customers for years to come. We are extremely grateful to the many stakeholders who have pledged their support, including the Post Office and Toys R Us.
“The survival of this iconic 234-year-old business is our imperative. No decisions have yet been taken on how this will impact roles, but we will aim to preserve as many jobs as possible. Any potential store closures or role reductions will be subject to appropriate consultation, and we are committed to engaging openly and constructively with colleagues and their representatives. We want to be clear, however, that the plan may result in the closure of some stores and the loss of some roles. We recognise the impact this uncertainty will have on colleagues, their families and the communities we serve.”
Published: by the Banbury FM News Team
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