(Sharecast News) - Modella Capital, the Mayfair investment firm that acquired WH Smith's former high‑street estate last year, is working on a make‑or‑break restructuring that could see up to 100 TG Jones stores shut, according to the Times. Modella bought the business for £40m in 2023, taking on almost 500 shops and rebranding the chain, but has since run into fresh financial difficulties.
The firm has been working with advisers at Teneo and Slaughter & May on proposals expected to include steep rent cuts for many remaining sites. The plan is understood to involve a "cram‑down" process, which requires approval from only one class of creditor. A planned announcement was delayed at the last minute last week.
The Department for Business and Trade is preparing to consult on reforms to "modernising corporate reporting" that could see investors lose the right to vote on executive pay or attend annual meetings in person.
The Times stated the review aims to streamline reporting requirements and make the UK's regime "the most streamlined and proportionate" globally. Ministers have been in discussions with investors and businesses ahead of the consultation's publication in the coming weeks.
A gunman armed with "multiple weapons" attempted to breach a security checkpoint at the White House correspondents' association dinner in what authorities believe was an attempt to assassinate the US president. According to the Telegraph, Trump was removed from the stage by security after gunshots were heard.
Footage released by the president showed the suspect, named as Cole Thomas Allen from California, charging through a Secret Service checkpoint. Agents drew their weapons and prevented him from reaching the ballroom entrance. One law‑enforcement officer was shot but was in "great shape", said Trump.
Ovo Energy is close to being acquired by German utility E.ON as the UK supplier seeks to secure its long‑term future, the Telegraph reported. A tie‑up between the two companies would create the UK's largest household energy provider by customer numbers and mark the sector's biggest deal in decades.
Talks have accelerated in recent weeks and a transaction could be agreed within weeks, according to Sky News, although no final decision has been made. It remains unclear whether the Ovo brand would be retained.
Security contractor Mitie has strengthened its vetting procedures after assigning a bodyguard with far‑right links to protect an MP who was under threat from extremists. According to the Guardian, the company, which holds a £31m contract to provide close protection for MPs, will now introduce regular social‑media checks for new recruits and random checks for existing staff.
Concerns over threats to MPs from extremist groups have risen sharply, with levels not seen since the campaigns of Irish republican terrorists in the 1970s and 1980s. Mitie's contract was awarded following the killing of Conservative MP David Amess in 2021, five years after Labour MP Jo Cox was murdered by a far‑right extremist.
Trump said he had instructed American envoys not to travel to Pakistan for further talks with Iran, shortly after Tehran's foreign minister left Islamabad on Saturday. Speaking to Fox News, he said: "they can call us anytime they want".
The White House had previously said Steve Witkoff and Jared Kushner would travel to Islamabad to attempt to revive ceasefire negotiations. Iranian foreign minister Abbas Araghchi left Pakistan on Saturday evening, according to two officials cited by the Associated Press.
Araghchi had met Pakistan's army chief, field marshal Asim Munir, and prime minister Shehbaz Sharif, the Guardian reported, outlining Iran's "red lines" for negotiations and saying Tehran would continue engaging with Pakistan's mediation efforts "until a result is achieved". Iran had said any talks would be indirect.
Reporting by Iain Gilbert at Sharecast.com