Private equity firm Modella Capital, owner of TG Jones, has announced its latest high street acquisition: the popular Danish retailer Flying Tiger Copenhagen.
The deal marks a new chapter for Flying Tiger, known for its distinctive maze-like shop layouts and diverse range of low-cost items, from stationery and crafts to homeware.
The Danish chain, operating over 1,100 stores across 44 countries, underwent a restructuring last year under the control of its lenders and management.
Modella, which did not disclose the acquisition price, confirmed it would back Flying Tiger's existing plans for over 700 new franchise store openings by 2030.
The investment firm has rapidly become a significant player in British retail, with previous notable takeovers including WH Smith’s high street division – rebranded as TG Jones – Claire’s Accessories, and The Original Factory Shop.
Modella is currently trying to get approval from TG Jones’ creditors for restructuring plans which could see up to 150 shops closed.
Claire’s Accessories was bought out of administration before it was later placed into insolvency, which led to the closure of all its shops in the UK and Ireland.
The Original Factory Shop also collapsed into administration earlier this year.
Joseph Price, Modella’s managing director, said the acquisition of Flying Tiger was a “hugely exciting opportunity”, adding: “We are pleased to be investing in its future, and we look forward to working closely with the management team to provide the stability, capital and retail expertise the business needs to fulfil its growth plan.”
The news comes as up to 150 high street stores previously part of the WH Smith business face closure, with hundreds of jobs understood to be at risk.
TGJones attributed the significant restructuring to the "direct result of government policy and recent geopolitical events".
The statement continued: “The survival of this iconic 234-year-old business is our imperative. No decisions have yet been taken on how this will impact roles, but we will aim to preserve as many jobs as possible.
“Any potential store closures or role reductions will be subject to appropriate consultation, and we are committed to engaging openly and constructively with colleagues and their representatives.
“We want to be clear, however, that the plan may result in the closure of some stores and the loss of some roles.
“We recognise the impact this uncertainty will have on colleagues, their families and the communities we serve.”
.png?w=600)
