Mr Justice Hildyard, who approved rescue plan in July, said turnaround plan came with ‘very considerable’ risks

The judge who approved a rescue plan for the former WH Smith high street business – now named TG Jones – cast doubt on the future prospects of the retailer, suggesting there were “very considerable” risks in achieving a turnaround.

“This has all the hallmarks of an adventurous equity play,” wrote Mr Justice Hildyard in his judgment published on Wednesday, after he last month approved the restructuring, which involves the closure of 150 of the books-to-paperclips retailer’s 450 stores.