Overview
- TG Jones says it faces bailiff action over £3.4 million in unpaid business rates and warns cash could run out within weeks without rent relief.
- The plan would inject £35 million into the business and close up to 150 stores to cut losses.
- Eight shops have already shut, and the chief executive told staff more closures and job cuts are likely.
- The proposal needs a creditor vote and High Court approval, with a possible cram-down that could impose the deal over objecting creditors.
- Deal papers show Modella paid £10 million upfront on a £42 million price, a lender is understood to have provided £50 million, and £2.9 million in brand royalties is owed within the group.