| Welcome to Tenant Watch, a regular newsletter from Income Analytics that summarises news affecting key occupiers of commercial property. Tenant Watch provides real estate brokers, investors and lenders with a summary of recent news articles focusing on financial health and future occupational requirements. | |
| Author: | Jack Baker |
| Contact us: | info@incans.com |
Retail
TG Jones to close as many as 150 stores as new owner Modella Capital discloses millions in unpaid bills. Modella Capital shared that the retailer owes as much as £4m to suppliers, £3.4m in unpaid business rates, and a further £8.4m in tax, for a total of approximately £16m. While HMRC has agreed to defer the tax bill, Modella has requested landlords of over 120 of its current properties to agree to three-year rent holidays – if this is not consented to, the retailer is said to face bankruptcy by as early as June. The new TG Jones CEO warned staff this month that as many as 150 shops may close, which will inevitably result in significant redundancies. A restructuring plan is set to be voted on later this June (Business Matters, 11 May 2026).
Logistics
ASOS sells Lichfield logistics centre to M&S in £67.5 million deal, which sees shares climb. The offloading of the 437,000 SF site to M&S signals an attempt by ASOS to improve its financial position, causing ASOS shares to rise by 12.5%. The warehouse will open in 2027 and provide around 600 jobs, improving M&S’s ability to process orders faster and improve product availability (Retail Systems, 11 May 2026; City AM 11, May 2026).
Office
British Land and Royal London Asset Management secure Humanoid, a robotics AI firm, as the latest tenant at One Triton Square. The startup has taken 42,000 SF of office space at the property, joining other tech occupiers such as Anthropic, bringing the building to 94% leased. The deal signals the expansion of AI businesses in London’s office market (City AM, 12 May 2026).
JP Morgan threatens to scrap £3bn Canary Wharf HQ if new PM is hostile to banks. CEO Jamie Dimon warned that if Keir Starmer were to be replaced by a new prime minister who is hostile to bankers, he would consider ending current plans to develop a new HQ in Canary Wharf. Plans for the development were first revealed last November and would provide space for over half of its UK staff, however, the company stressed this was now dependent on “a continuing positive business environment in the UK” (The Guardian, 12 May 2026).
People Moves
Boots appoints former Currys chief as new CEO, as Alex Baldock is set to take over later this autumn. The announcement follows IPO speculation, with the company potentially preparing to list on the London stock market as soon as 2027. Baldock was welcomed in a warm statement by Boots, describing him as “an experienced, transformational leader with a track record of success” who will accompany the retailer as they “embark on our next phase of transformation, growth and investment”. Baldock previously oversaw the turnaround at Currys during his eight-year tenure (The Retail Bulletin, 14 May 2026; Reuters, 14 May 2026).