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ARTICLE · 12 NOVEMBER 2026

The TG Jones Restructuring Plan Is Approved

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A landlord restructuring plan for WHSmith's retail business required the court to exercise its cross-class cram down power after certain creditor classes voted against it. The judge applied established precedents to evaluate whether differential treatment of creditors was justified and whether equity retention by existing shareholders was appropriate given new money contributions and operational restrictions.

United KingdomInsolvency/Bankruptcy/Re-Structuring
Mills & Reeve
Mills & Reeve

This case concerned a landlord restructuring plan in relation to the WHSmith retail business. The plan was amended after the convening hearing following objections from creditor objections. As certain classes of creditors had voted against it, the court would be required to exercise its cross-class cram down power. The relevant alternative was administration.

The judge referred with favour to the “helpful checklist” provided in River Island and applied in Poundland, specifically:

  • The development and evolution of the plan.

  • The contributions made by and the source and application of the benefits to plan creditors.

  • The sufficiency of any justification from departing from pari passu treatment of creditors.

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