I have 3 backups. One external SSD kept on a shelf above the PC, updated weekly, one at a different address, updated monthly, and one HD in a different country, in a fireproof Faraday cage box, updated once a year. I think that covers me.I hope the backups are stored in at least two different properties in case of fire or flood!
I follow the 3-2-1 rule - 3 backups, in at least 2 different locations, of which at least one should be a cloud backup.
Though I will add that one great way of backing up photos is to just... print them and put them in photo frames etc. That way I look at them daily as well
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Companies That You Expect to Disappear Soon
- Thread starter whhistle
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DelW
Established Member
- Joined
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Curiously, my local TGJ has been busier since the closure posters went up than I'd seen it for years! Typically a dozen or so people in there recently, whereas there were often only one or two for months previously. The shelves are visibly emptying though.
I'll mainly miss it for some of the more obscure railway mags, which I don't read regularly enough to subscribe to. Sainsbury's only have a couple of the more mainstream ones.
A few of the TG Jones' closing have Post Offices in them.
I assume Post Office will try and move them into convenience stores like they've been rolling out already. A bit of a pain though if the ones inside the TG Jones' are ones which offer services you can't easily fit into a convenience store or require yet more training for convenience store staff. Not easy to fit currency counters, passport photo machines, large queueing areas, etc into convenience stores.
Otherwise I suppose they'll need to find new leases or a bigger shop or office building to work out of.
I assume Post Office will try and move them into convenience stores like they've been rolling out already. A bit of a pain though if the ones inside the TG Jones' are ones which offer services you can't easily fit into a convenience store or require yet more training for convenience store staff. Not easy to fit currency counters, passport photo machines, large queueing areas, etc into convenience stores.
Otherwise I suppose they'll need to find new leases or a bigger shop or office building to work out of.
Bishops
Member
Just been announced the same for th darlington store too. also the main post office in the town
Ashley Hill
Established Member
TG Jones in Paignton is also closing.
The Torquay town centre branch, at the bottom of Union St. near the GPO roundabout, closed recently, taking the main post office with it. The intersection is often referred to today as the Tesco roundabout, as the supermarket took over much of the former GPO site at street level nearby, with the office space above converted to apartments.
Adjoining the later sorting and administrative parts of the old GPO complex, the main public hall was in a very ornate Grade II-listed early 20th century building at the top of Fleet St. The ground floor retail unit of this is currently to let, having been empty for many years after a spell as a cafe. It has the words 'POST OFFICE' in large stone relief above the imposing main door.
I don't recall it as a post office, but I visited regularly while it was a coffee shop, run by Coffee #1.
Just saying, it's there, and they wouldn't even have to change the signs.
To be honest, it's a bit fancy, and large, for a modern post office counter, and that would no doubt be reflected in the rent.
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While they stated they needed to close 1 in 4 to keep going, going against their original promises made when they took over, I suspect they'll not stop at that.
I clearly haven't visited every location, but can't imagine there are many high street stores that are busy enough to make money. Some might be tied into leases they can't end easily, but once they're up then I think the store will be too.
They have also been fairly clever in not publishing a list of the stores closing, as it hides it somewhat.
Talking of the one in Welwyn Garden City, I'm surprised the Howard Centre is still going. It was pretty empty last time I visited.
There are new shops opening soon, including Nandos, and where M&S was is being designed to be a restaurant and leisure facility as well as a large store for something like Sports Direct. It is quite busy weekends and pretty packed when the craft market is on - but it still closes at 1730 and has all the commuters walking through at 1730-1900 with everything closed.
I've never understood why they wouldn't have at least one late opening day in the week. Mind you, even John Lewis stopped that too.
Peter Sarf
Established Member
I have been popping into my Croydon TG Jones when I am passing to see if any sales jump out at me. No sign of closing and no real bargains. There are some reductions like buy two get one half price type nonsense. Also NEW signs hanging from the ceiling saying this way to stationery etc (I honestly cannot remember exactly what) but the signs are everywhere and with the same info on both sides - so really just there to remind you to look for and buy things you forgot about. There are still signs guiding you past the blocked off foot of the stairs up to the long closed clearance etc area upstairs. I will be dumb struck when those signs go !.
The works is upstairs in the same shopping centre so a bit out of the way but has long been cheaper and more interesting.
The one in Preston is closing down as well, and as predicted it’s got many many more customers than normal, and long queues at the tills.
It’ll be interesting to see if these stores actually ever get filled again, or turn into something like a vape shop or a phone unlocking shop. There is a long disused BHS still boarded up pretty much opposite on Preston’s Main Street.
It’ll be interesting to see if these stores actually ever get filled again, or turn into something like a vape shop or a phone unlocking shop. There is a long disused BHS still boarded up pretty much opposite on Preston’s Main Street.
although there has been some talk of reneging on lease payments
I went past that one earlier this year - didn't go in it though. Carlisle is another branch that is far too large (on 2 floors) so for that to stay I think they will need to have got an exceptionally good deal on the rent. The Penrith branch on the other hand is much more likely to survive, its a "right-sized" one and includes a post office.
duffield
Established Member
I went in a closing down branch recently (I think it was Basildon; I lose track as I get around a lot!) and none of the 70% off stuff appealed. The things I might have bought were only 10% off, not worth it.
Ashley Hill
Established Member
Did anyone ever think that TG Jones could ever turn around the fading business that was Smiths? My local branch sells even less of a range that Smiths did and do it quite badly. Even the instore branch of Costa has moved out!
Egg Centric
Established Member
Can someone more finance savvy than me explain what the point in buying TG Jones (as is)? I can understand the point in asset stripping but I don't understand what the buyers get in this case, I assume the assets are pretty ephemeral so all you have is a loss making business no one else wants? Is there some kind of complex under the table arrangement where spinning off the transport sector was only possible this way and the private equity or hedge fund or whoever bought it guys get equity in that bit as well or something like that?
My guess is that the purchasers had never walked down a British high street.
STINT47
Member
At the time WH Smith said that they're high street stores we're profitable but struggling.
Someone probably thought that they could buy them and keep making money doing the same thing as they are profitable. Add in a bit of investment and new ideas and they could build the business back up.
I think what they got was a business that only turned a profit due to cost cutting and the new owners found they're wasn't anything left to cut. They have also said that the state of the stores and businesses was worse than they were expecting so the cost of investing could be to much to justify.
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Plus the price was low with only a part payable at the time and the rest subject to how the business performed
Someone probably thought that they could buy them and keep making money doing the same thing as they are profitable. Add in a bit of investment and new ideas and they could build the business back up.
I think what they got was a business that only turned a profit due to cost cutting and the new owners found they're wasn't anything left to cut. They have also said that the state of the stores and businesses was worse than they were expecting so the cost of investing could be to much to justify.
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Plus the price was low with only a part payable at the time and the rest subject to how the business performed
3rd rail land
Member
I very much doubt Modella Capital thought they could build the business back up. Everyone knows that the demand for stationary and magazines has reduced massively in the past decade with more and more things going digital.
What I don't understand is what they thought they could asset strip and make money from?
What I don't understand is what they thought they could asset strip and make money from?
Terry's Chocolate Oranges, Model Railway magazines, and strip lighting so dim you couldn't read the books they sell under it.
You forgot bottles of Buxton water and the previous year's calendars and annuals.
Egg Centric
Established Member
It just doesn't make sense does it?
It could be a principal/agent problem too I guess. Maybe whoever drove it forward has had a massive bonus out of it and moved on leaving their ex employer holding the bag. But surely there are sufficient people working on these sorts of deals such slimy behaviour wouldn't be possible?
The plan they actually had did seem to make some sense given what they also owned or were partnered with at the time of acquisition. The problem was they didn't even bother to implement most of the ideas. It's also easy to argue if they'd implemented it all it still wouldn't work, you're still located in what will be a struggling high street somewhere in the UK for the most part.
Along with the obvious stuff like trying to force rent cuts, another was to expand the Post Office portfolio, great for footfall. Then scale back the current retail offering and make the stores a kind of multi-concession affair with Toys 'R' Us, Claire's and Hobbycraft products available in all stores. Some kind of new DIY concession was also planned. Who knows if it would have worked.
3rd rail land
Member
I suspect they realised the plan would be too expensive to implement so abandoned it leaving the current situation. I reckon they want to close down TG Jones entirely without having to admit it won't make them any money so are no longer going to bother trying to make it work.
Peter Sarf
Established Member
If they bought the high street WH Smiths cheaply enough (or don't pay the full amount agreed which seems possible) then perhaps they can do better than break even if they sell enough in the next few (maximum) years with brutal cut backs.
Modella can probably cut back more than WH Smith could because I doubt the staff have the same terms and conditions now. All I can see is WH Smith have got rid of the weakest part of their whole business quite cheaply.
Egg Centric
Established Member
Sell enough what though? If they owned the estate then they would be at least sitting on a potential gold mine if some currently unpredicted factor made high street properties more valuable. But they don't. They own some worthless goodwill and an inventory of plastic rulers.
Looking into them I'd love to think that Modella are just smarter than me and they have some genius plan but I see no conventional commercial opportunity so my assumption is either they are nuts/foolish (possible; there's certainly history of the city throwing money at lucky foolish people who scrub up well but it doesn't feel likely in this case) or there's some sort of regulatory arbitrage or quid pro quo thing going on.
And vouchers handed to you at the till for a discount at something like Homebase. They got paid to give these out and would put them through the till and on your receipt, but most of the time they didn't actually give you the voucher.
People didn't want them and I'm stunned companies paid WH Smith to give them out, and weren't aware they were probably not being given out a lot of the time because people just wanted to buy their newspaper or a bottle of water and not walk away bogged down with junk mail (that can come through their front door instead!).
Agreed. Never assume that rich or important people must have an ounce of intelligence!