Ex-Post Office chief joins high street turnaround firm
Ex-Post Office chief joins high street turnaround firm
Jonathan PrynnFri, September 18, 2026 at 8:00 AM UTC
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Nick Read, pictured arriving to give evidence to the Post Office Horizon inquiry in 2024, has joined Modella as an ‘operating partner’ - Jordan Pettitt/PA
A former Post Office chief who had to hand back a bonus for his work on the inquiry into the Horizon IT scandal has a role at an investment firm known for swooping on struggling retailers.
Nick Read, who was chief executive of the Post Office from 2019 to 2025, has been made an operating partner at Modella Capital.
Modella has scooped up brands that have subsequently struggled after being bought, including TG Jones (formerly WH Smith), Claire’s Accessories and the Original Factory Shop.
The former army officer joined Modella as an “operating partner” in the summer and is now listed on its website.
According toSky News, Mr Read is being lined up for a boardroom role at another Modella investment, Flying Tiger Copenhagen, a variety retailer that trades from more than 1,000 locations, including many in the UK.
Mr Read succeeded disgraced former Post Office chief executive Paula Vennells in 2019 after running grocery chain Nisa.
It was during his period at the Post Office that the enormous scale of the Horizon scandal, which resulted in wrongful fraud convictions for hundreds of postmasters, was fully revealed.
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In August 2023, Mr Read was forced to apologise after admitting he had received a £455,000 bonus on top of his annual pay, of which an amount was linked to his work supporting the public inquiry into the Horizon scandal.
He later handed back the portion of the bonus related to the enquiry.
In April 2024, the Post Office’s former chief people officer Jane Davies told MPs that Mr Read had repeatedly threatened to resign over his remuneration between 2022 and 2023 and said he was “obsessed” with pay, a suggestion he denied.
Modella acquired TG Jones, the rebadged former WH Smith high street stores chain, in April 2025 for £42m. It is currently in the throes of a huge financial restructuring to stave off insolvency .
Modella also bought Claire’s Accessories from administrators last year before closing all 154 of its standalone stores in April.
Another purchase, discount chain the Original Factory Shop, also went into administration and shut down its operations earlier this year.
Modella is one of the potential bidders for the discount chain Poundland, which has been put up for sale by Gordon Brothers. It was also said to be interested in buying the luxury department store Harvey Nichols, which was eventually acquired by Sports Direct owner Frasers.
Modella declined to comment on Mr Read’s involvement.
Source: “AOL Money”
