<p>WH Smith 之前的高街商店面臨被法警突襲的風險，因為其新老闆未能支付數百萬英鎊的税款。</p>
<p>擁有數百家商店並以虛構名稱運營的 TG Jones 表示，因未支付欠地方政府的商業税款而被追討一系列欠款。</p>
<p>這家資金緊張的零售商目前拖欠 340 萬英鎊的商業税款，以及 400 萬英鎊的供應商欠款和 840 萬英鎊的税務欠款。</p>
<p>擁有 TG Jones 的私募股權公司 Modella 表示：“最近幾周，由於未支付商業税款的欠款，企業開始收到大量的催款信和傳票。</p>
<p>“如果沒有資金來支付這些未支付的商業税款或妥協這些金額……該企業面臨地方政府尋求採取強制措施的風險。”</p>
<p>Modella 補充説，法警可能會嘗試 “扣押貨物” 或向公司提出解散申請。</p>
<p>這一爭議在上週發佈的文件中被披露，作為一項激進的財務重組計劃的一部分，該計劃將導致房東面臨大幅削減租金的情況。</p>
<p>Modella 警告稱，除非房東同意大幅降低租金或給予長期的租金假期，否則 TG Jones 將在 6 月底前耗盡現金。</p>
<p>該私募股權集團試圖將 TG Jones 的困境歸咎於由於税收上升和被迫更名導致的交易急劇下滑。根據收購條款，Modella 不被允許使用 WH Smith 的品牌。</p>
<p>然而，TG Jones 的提案及其未支付税款的行為激怒了議員和房東。</p>
<p>前就業部長、現任商業與貿易選擇委員會成員 Justin Madders 對《每日電訊報》表示：“對許多人來説，這看起來就像投資者贏了，納税人輸了。</p>
<p>“如果工人失業，地方政府失去收入，公眾將承擔費用。”</p>
<p>他批評 Modella 試圖通過一系列財務和商業協議來從其所有權中獲利，包括向零售商收取數百萬英鎊的許可費，以使用完全虛構的 TG Jones 名稱。</p>
<p>Madders 先生表示：“令人不快的是，儘管地方政府在追討未支付的商業税款，而 HMRC 對數百萬的延期税款給予了寬限期，但公司的重組文件顯示，在更廣泛的所有權結構中，使用新創建的 TG Jones 品牌名稱的許可費卻在不斷增加。”</p>
<h2>房東被 ‘打擊’</h2>
<p>房東對 Modella 的激進提案表示憤怒，該提案以 214 頁的文件提交給債權人。</p>
<p>TG Jones450 家門店中超過 120 家商店的房東被要求籤署租金假期協議，在此期間他們將連續三年沒有收入。還有數百家面臨 15% 到 75% 的削減。</p>
<p>一位房東表示她 “對 Modella 感到非常生氣”。</p>
<p>“他們買下了這家企業，並以一個失去所有良好聲譽的名稱重新品牌化，” 這位房東補充道。</p>
<p>她表示，剩下的只是 “一家非常低劣的商店組合，賣着不知道什麼的東西”。</p>
<p>“毫不奇怪，沒人再想去那裏，所以它就像掉下懸崖一樣。”</p>
<p>另一位房東抱怨自己被 “打擊”，並警告 Modella 面臨可能的反抗，可能會被迫歸還一些 TG Jones 商店的鑰匙。</p>
<p>“像我們這樣更積極的房東會盡一切努力收回這些商店，並將其重新出租給其他人。我們會與其他零售商做得更好，” 他説。</p>
<p>Madders 先生表示：“沒人應該假裝高街的情況輕鬆。全國各地的零售商都面臨來自在線競爭和購物習慣變化的巨大壓力。</p>
<p>“但 Modella 在這筆交易中是心知肚明的。私募股權公司專門收購困境企業並承擔計算風險。這是他們的商業模式。”</p>
<h2>‘這絕對是醜聞’</h2>
<p>Knight Frank 的零售專家 Stephen Springham 聲稱，書籍和文具是 “去年表現最好的零售子類別，毫無疑問”。</p>
<p>“他們不能將責任歸咎於市場條件。這絕對是醜聞，” 他補充道。</p>
<p>Springham 先生表示，這次收購 “可能是我們見過的私募股權公司榨取高街靈魂的最糟糕例子——我唯一能説比這更糟的是 BHS。”</p>
<p>TG Jones 的首席執行官 Alex Willson 上週告訴員工，公司預計將關閉多達 150 家門店，因為房東利用解除條款，允許他們在 43 天內尋求更好的交易。</p>
<p>警告即將裁員，Willson 先生表示：“我們絕對不能繼續這樣下去，否則未來將沒有可行的業務。”</p>
<p>公司的債權人，包括房東，將在 6 月底投票決定是否支持重組計劃，然後該計劃將在 6 月 29 日提交給高等法院法官批准。</p>
<p>該重組計劃由私募股權擁有的諮詢公司 Teneo 主導。</p>
<p>Modella 拒絕發表評論。</p>

SMWH

<p>WH Smith 的前門店現在由 TG Jones 經營，因未支付總計 1580 萬英鎊的税款（其中包括 340 萬英鎊的商業税）而面臨執法行動。私募股權所有者 Modella 正在承受財務重組的壓力，房東被要求大幅削減租金。國會議員批評這種情況，認為投資者受益而納税人受苦。零售專家對公司的表現表示難以置信，指出零售行業的韌性。TG Jones 預計如果財務狀況沒有改善，將關閉多達 150 家門店，並可能出現裁員，債權人對重組計劃的投票定於 6 月底</p>

<p>WH Smith’s former high street shops risk being raided by bailiffs after its new owner failed to pay millions of pounds in taxes.</p>
<div class="lb-trans"><p>WH Smith 之前的高街商店面臨被法警突襲的風險，因為其新老闆未能支付數百萬英鎊的税款。</p>
</div><p>TG Jones, which owns hundreds of shops now trading under its made-up name, said it was being chased for a series of arrears stemming from overdue business rates bills owed to councils.</p>
<div class="lb-trans"><p>擁有數百家商店並以虛構名稱運營的 TG Jones 表示，因未支付欠地方政府的商業税款而被追討一系列欠款。</p>
</div><p>The cash-strapped retailer currently owes £3.4m in outstanding business rates, along with £4m to suppliers and a further £8.4m to the taxman.</p>
<div class="lb-trans"><p>這家資金緊張的零售商目前拖欠 340 萬英鎊的商業税款，以及 400 萬英鎊的供應商欠款和 840 萬英鎊的税務欠款。</p>
</div><p>Modella, the private equity company that owns TG Jones, said: “In recent weeks, the business has started to receive a significant number of demand letters and summonses as a result of the non-payment of business rates arrears.</p>
<div class="lb-trans"><p>擁有 TG Jones 的私募股權公司 Modella 表示：“最近幾周，由於未支付商業税款的欠款，企業開始收到大量的催款信和傳票。</p>
</div><p>“Without funding to pay these outstanding business rates or the compromise of these amounts... the business is at risk of local authorities seeking to take enforcement action.”</p>
<div class="lb-trans"><p>“如果沒有資金來支付這些未支付的商業税款或妥協這些金額……該企業面臨地方政府尋求採取強制措施的風險。”</p>
</div><p>Bailiffs could either attempt to “seize goods” or present the company with a winding-up petition, Modella added.</p>
<div class="lb-trans"><p>Modella 補充説，法警可能會嘗試 “扣押貨物” 或向公司提出解散申請。</p>
</div><p>The dispute was revealed in documents published last week as part of an aggressive financial restructuring plan that would see landlords face swingeing cuts to the rents they receive.</p>
<div class="lb-trans"><p>這一爭議在上週發佈的文件中被披露，作為一項激進的財務重組計劃的一部分，該計劃將導致房東面臨大幅削減租金的情況。</p>
</div><p>Modella has warned that TG Jones will run out of cash by the end of June unless landlords agree to dramatically lower rents or take long payment holidays.</p>
<div class="lb-trans"><p>Modella 警告稱，除非房東同意大幅降低租金或給予長期的租金假期，否則 TG Jones 將在 6 月底前耗盡現金。</p>
</div><p>The private equity group has sought to blame TG Jones’s woes on a sharp downturn in trading caused by a combination of rising taxes and a name change that was forced upon it. Under the terms of the buyout, Modella wasn’t allowed to use the WH Smith branding.</p>
<div class="lb-trans"><p>該私募股權集團試圖將 TG Jones 的困境歸咎於由於税收上升和被迫更名導致的交易急劇下滑。根據收購條款，Modella 不被允許使用 WH Smith 的品牌。</p>
</div><p>However, TG Jones’s proposals and its failure to pay tax bills have provoked the ire of MPs and landlords.</p>
<div class="lb-trans"><p>然而，TG Jones 的提案及其未支付税款的行為激怒了議員和房東。</p>
</div><p>Justin Madders, a former employment minister who sits on the business and trade select committee, told The Telegraph: “To many people, this will look like heads the investors win, tails the taxpayer loses.</p>
<div class="lb-trans"><p>前就業部長、現任商業與貿易選擇委員會成員 Justin Madders 對《每日電訊報》表示：“對許多人來説，這看起來就像投資者贏了，納税人輸了。</p>
</div><p>“If workers lose jobs, councils lose revenue and the public is left carrying the cost.”</p>
<div class="lb-trans"><p>“如果工人失業，地方政府失去收入，公眾將承擔費用。”</p>
</div><p>He criticised Modella for seeking to cash in on its ownership through a series of financial and commercial agreements, including charging the retailer millions of pounds in licence fees for the right to use the entirely fictitious TG Jones name.</p>
<div class="lb-trans"><p>他批評 Modella 試圖通過一系列財務和商業協議來從其所有權中獲利，包括向零售商收取數百萬英鎊的許可費，以使用完全虛構的 TG Jones 名稱。</p>
</div><p>Mr Madders said: “What sticks in the craw is that while councils are left chasing unpaid business rates and HMRC is giving breathing space over millions in deferred tax liabilities, the company’s own restructuring documents show millions accruing in licensing fees payable within the wider ownership structure for use of the newly created TG Jones brand name.”</p>
<div class="lb-trans"><p>Madders 先生表示：“令人不快的是，儘管地方政府在追討未支付的商業税款，而 HMRC 對數百萬的延期税款給予了寬限期，但公司的重組文件顯示，在更廣泛的所有權結構中，使用新創建的 TG Jones 品牌名稱的許可費卻在不斷增加。”</p>
</div><h2>Landlords being ‘clobbered’</h2>
<div class="lb-trans"><h2>房東被 ‘打擊’</h2>
</div><p>Landlords expressed anger at Modella’s drastic proposals, submitted to creditors in a 214-page dossier.</p>
<div class="lb-trans"><p>房東對 Modella 的激進提案表示憤怒，該提案以 214 頁的文件提交給債權人。</p>
</div><p>Landlords of over 120 stores in TG Jones’s 450-strong estate are being asked to sign up for rent holidays, during which they will receive no income for three years. Hundreds more face cutbacks ranging from 15pc to 75pc.</p>
<div class="lb-trans"><p>TG Jones450 家門店中超過 120 家商店的房東被要求籤署租金假期協議，在此期間他們將連續三年沒有收入。還有數百家面臨 15% 到 75% 的削減。</p>
</div><p>One landlord said she was “really p----d off with Modella”.</p>
<div class="lb-trans"><p>一位房東表示她 “對 Modella 感到非常生氣”。</p>
</div><p>“They’ve bought the business and rebranded it with a name that’s lost all the goodwill that went with it,” the landlord added.</p>
<div class="lb-trans"><p>“他們買下了這家企業，並以一個失去所有良好聲譽的名稱重新品牌化，” 這位房東補充道。</p>
</div><p>She said what was left was “a really below-par store portfolio that sells God knows what”.</p>
<div class="lb-trans"><p>她表示，剩下的只是 “一家非常低劣的商店組合，賣着不知道什麼的東西”。</p>
</div><p>“Unsurprisingly, nobody wants to go there any more so it fell off a cliff.”</p>
<div class="lb-trans"><p>“毫不奇怪，沒人再想去那裏，所以它就像掉下懸崖一樣。”</p>
</div><p>Another landlord complained of being “clobbered” and warned that Modella was facing a possible rebellion that would see it forced to hand back the keys to some TG Jones shops.</p>
<div class="lb-trans"><p>另一位房東抱怨自己被 “打擊”，並警告 Modella 面臨可能的反抗，可能會被迫歸還一些 TG Jones 商店的鑰匙。</p>
</div><p>“The more proactive landlords, like us, will do everything they can to take them back and re-let them to someone else. We’ll do better with other retailers,” he said.</p>
<div class="lb-trans"><p>“像我們這樣更積極的房東會盡一切努力收回這些商店，並將其重新出租給其他人。我們會與其他零售商做得更好，” 他説。</p>
</div><p>Mr Madders said: “Nobody should pretend the high street is in an easy position. Retailers across the country are under huge pressure from online competition and changing shopping habits.</p>
<div class="lb-trans"><p>Madders 先生表示：“沒人應該假裝高街的情況輕鬆。全國各地的零售商都面臨來自在線競爭和購物習慣變化的巨大壓力。</p>
</div><p>“But Modella went into this deal with its eyes wide open. Private equity firms specialise in buying distressed businesses and taking calculated risks. That is their business model.”</p>
<div class="lb-trans"><p>“但 Modella 在這筆交易中是心知肚明的。私募股權公司專門收購困境企業並承擔計算風險。這是他們的商業模式。”</p>
</div><h2>‘It’s absolutely scandalous’</h2>
<div class="lb-trans"><h2>‘這絕對是醜聞’</h2>
</div><p>Stephen Springham, a retail specialist at Knight Frank, the property consultants, claimed books and stationery were “the best performing retail subcategory last year, bar none”.</p>
<div class="lb-trans"><p>Knight Frank 的零售專家 Stephen Springham 聲稱，書籍和文具是 “去年表現最好的零售子類別，毫無疑問”。</p>
</div><p>“They can’t blame market conditions. It’s absolutely scandalous,” he added.</p>
<div class="lb-trans"><p>“他們不能將責任歸咎於市場條件。這絕對是醜聞，” 他補充道。</p>
</div><p>Mr Springham said the takeover was “probably the worst example we’ve ever seen of private equity sucking the soul out of the high street – the only one I would say was worse was BHS”.</p>
<div class="lb-trans"><p>Springham 先生表示，這次收購 “可能是我們見過的私募股權公司榨取高街靈魂的最糟糕例子——我唯一能説比這更糟的是 BHS。”</p>
</div><p>Alex Willson, the chief executive of TG Jones, told staff last week that the company anticipated as many as 150 store closures as landlords took advantage of break clauses allowing them to seek better deals with 43 days’ notice.</p>
<div class="lb-trans"><p>TG Jones 的首席執行官 Alex Willson 上週告訴員工，公司預計將關閉多達 150 家門店，因為房東利用解除條款，允許他們在 43 天內尋求更好的交易。</p>
</div><p>Warning of expected redundancies, Mr Willson said: “We absolutely cannot carry on as we are or there will not be a viable business in the future.”</p>
<div class="lb-trans"><p>警告即將裁員，Willson 先生表示：“我們絕對不能繼續這樣下去，否則未來將沒有可行的業務。”</p>
</div><p>The company’s creditors, including landlords, will vote on whether to back the turnaround plan in late June before it will be put before a High Court judge for approval on June 29.</p>
<div class="lb-trans"><p>公司的債權人，包括房東，將在 6 月底投票決定是否支持重組計劃，然後該計劃將在 6 月 29 日提交給高等法院法官批准。</p>
</div><p>The restructuring plan is being led by the private equity-owned consultancy Teneo.</p>
<div class="lb-trans"><p>該重組計劃由私募股權擁有的諮詢公司 Teneo 主導。</p>
</div><p>Modella declined to comment.</p>
<div class="lb-trans"><p>Modella 拒絕發表評論。</p>
</div>

前 WH Smith 商店因未繳税款而擔心遭遇法警