18-19_Cardsharp.qxp_Layout 1 06/04/2026 14:39 Page 1
cardsharp Inset: Like asset strippers, pike-perch typically spend the majority of their time concealed at the bottom of deep, murky waters.
The Bottom Feeders The news that Modella Capital, the private equity company that acquired the high street retail arm of WHSmith and rebranded it TG Jones, is bringing in a restructuring specialist, was utterly predictable, reflected Cardsharp. The only surprise is how quickly it has happened. Well don’t say Cardsharp did not warn you! From the moment WHSmith High Street chain was bought by Modella, just less than a year ago, Cardsharp predicted that it would end in tears. Modella Capital, led by the supposed ‘retail specialist’ Steve Curtis has long been a persistent bottom feeder, preying on beleaguered retail chains and asset stripping them dry. Just think… Paperchase, The Original Factory Shop, Claire’s Accessories, Hobbycraft have all been acquired by Modella and it has not been a prince charming fairytale. Modella completed the acquisition of the WHSmith high street chain for around Below: Although the Paperchase brand lives on in Tesco, it is still missed as a high street retailer. Below right: Modella Capital bought Claire’s in 2025 and it went into administration at the start of this year.
18 PROGRESSIVE GREETINGS WORLDWIDE
£40million last June, after negotiating an extra £12million discount after trading at the chain deteriorated, as the purchase was being negotiated. Last month Modella started talking about bringing in the ‘restructuring expert’ Teneo to assess its options. It is already flagging up closing 80 of its 480 stores, blaming the health of the high street, rising energy costs, the increase in employer’s National Insurance and the increase in the National Minimum Wage. This comes shortly after TG Jones allegedly changed payment terms to suppliers from 60 to 90 days.
When the news of the acquisition was announced a year ago, Cardsharp smelt a dirty fat rat. WHSmith High Street had been starved of investment for years, as its holding company WH Smith plc had concentrated on its more profitable travel site retail business. The fact that as part of the deal the Plc insisted that Modella could not use the WHSmith name indicated to Cardsharp that the seller did not want its name or reputation tarnished by what would happen subsequent to the disposal. And then there was the rebrand with a weak TGJones moniker replacing WHSmith, which Cardsharp reckons took no longer than two minutes to think up. And what a cheap looking logo! If ever a logo said: "We don’t