TG Jones owner Modella buys Flying Tiger in latest high street swoop
Modella Capital has snapped up Flying Tiger Copenhagen in the private equity firm’s latest swoop on the British high street.
The private equity firm sealed the previously trailed deal with Danske Bank and Nordea, the owners of Flying Tiger, on Wednesday.
Modella bought Claire’s Accessories before shortly pushing it into administration and its empire of former WH Smith stores are on the brink of a drastic restructuring.
Flying Tiger, the firm’s latest high street acquisition, operates around 900 stores across the world including 80 in the UK.
The retailer is known for its quirky homeware and cheap stationery and its maze-like store layout is similar to that of Scandinavian neighbour Ikea.
Joseph Price, managing director of Modella, said: “Flying Tiger Copenhagen is a hugely exciting opportunity for Modella Capital.
“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.”
John Dueholm, chair of Flying Tiger Copenhagen, said: “Throughout the process, we have been focused on finding the right long-term owner for the business, and we believe Modella Capital is very well placed as the new majority shareholder to support the company’s continued development.”
Flying Tiger to expand Modella’s reach
The deal will see Modella expand its international reach, with the retailer running its own stores in 30 European markets and having franchises in the Philippines, Vietnam and Israel.
Flying Tiger reported turnover of more than 5.2bn Danish krone (£600m) in 2024 and employs thousands of people worldwide.
The firm underwent a restructuring in early 2025 which put its control into the hands of a coalition led by former chief executive Martin Jermiin, finance chief Christian Kofoed Hertz Jakobsen and the banks Danske Bank and Nordea.
Flying Tiger is now led by Jens Aarup Mikkelsen as chief executive, and financial advisers have been exploring a potential sale since the start of this year.
The retailers’ first store was opened in Copenhagen, Denmark, in 1995 but it traces its history back to founders Lennart and Suzanne Lajboschitz’s umbrella-selling business in the 1980s.
Modella Capital has snapped up a string of high street retailers in recent years, and has ended up offloading several soon after purchase.
Former WH Smith stores face closure
The firm blamed weak consumer confidence and “adverse government fiscal policies” for its move to wind down Original Factory Shop and Claire’s Accessories soon after buying the firms.
Modella bought WH Smith’s 480 high street stores for £40m last year – and renamed them under the TG Jones brand – but is preparing to shut as many as a quarter of these sites in an aggressive overhaul of the business.
The owner claims this move is necessary to save the retailer from bankruptcy, but it has emerged that Modella is charging TG Jones millions of pounds for the use of its fictitious brand name.
Modella was formed as Tailer Debtco in 2022 before being renamed to Modella a year later, and is owned by Hay Wain Group, the family office founded by turnaround specialist Jamie Constable.
Modella’s chairman is Steve Curtis, a well-known investor in the retail sector, and its managing director is Joseph Price.
