TG Jones owner Modella Capital has announced the takeover of Flying Tiger Copenhagen in the latest swoop for a high street retailer by the private equity firm.
Modella said the acquisition marked the next chapter for the Danish retailer which has more than 1,100 shops in 44 countries around the world.
Flying Tiger is known for selling an assortment of low-price items, from stationery and crafts to home and kitchen items, and a maze-style layout within each shop.
It has been controlled by its lenders and management after going through a restructuring last year.
Modella, which did not disclose the price of the acquisition, said it was backing the retailer’s existing plans to target more than 700 new franchise store openings by 2030.
The investment firm has emerged to become a big name in the British retail industry, having made big acquisitions including WH Smith’s high street chain last year, which was renamed 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.”
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