Partner Michelle Quinn has provided comment in Property Week on the potential implications of private equity firm Modella’s proposed restructuring plan for TGJones, should it be sanctioned by the court.

Michelle highlighted the aggression of the plan, commenting: “Modella’s proposed restructuring plan is staggeringly aggressive. The scale and severity of the proposed rent holidays and rent cuts exceeds anything landlords have faced in earlier retail restructurings such as River Island, Poundland and even Virgin Active. Unsurprisingly, the plan faces fierce opposition from landlords who, if it is approved, would become the de facto long-term financiers of the business with little certainty of recovery and little to no upside.

“Modella will be asking the court to exercise its cram-down powers to force on landlords 3-year rent holidays in respect of over 120 stores and rent reductions of up to 75% for the remaining. The proposals apply even to profitable stores. To satisfy the statutory criteria, Modella must demonstrate that dissenting landlords are ‘no worse off’ than they would be in the ‘relevant alternative’ – in this case, administration.”

She further discussed the perspective for landlords, stating: “On the other hand, the landlords argue that the proposed plan is unfair and an abuse of process. The ‘no worse off’ test is not particularly difficult to meet when the alternative is value – destructive insolvency but, at some point, the courts will have to say that enough is enough.

“The TG Jones case could well be an inflection point for restructuring plans. If the court sanctions a plan this aggressive, it will signal that the court’s priority is salvaging business at any cost and that the cram-down mechanism is almost limitless. If the court refuses, it will mark the turning point at which the courts finally reassert that restructuring plans must be fair, proportionate, and balanced and not a blunt instrument for companies to use to beat landlords into submission.”

Michelle’s comments were published in Property Week, 17 June 2026, here, and 22 June 2026, here.