TGJones’ owner lines up purchase of Flying Tiger Copenhagen

Modella is close to reaching an agreement with Flying Tiger’s owners Danske Bank and Nordea, The Times reported.

Flying Tiger operates 80 UK stores and has approximately 900 globally. In 2024, the retailer generated sales of Danish krone 5.2bn (£600m).

The retailer was restructured last year, when control passed to a group headed by former chief executive Martin Jermiin, finance chief Christian Kofoed Hertz Jakobsen, and Danske Bank and Nordea.

It is now run by chief executive Jens Aarup Mikkelsen, and financial advisers have been looking at a potential sale since the beginning of this year.

Modella has become one of the most active buyers of retailers over the last few years. As well as TGJones – the rebranded high street division of WHSmith – it bought businesses including Claire’s and The Original Factory Shop. Both subsequently hit the buffers, and TGJones is likely to be restructured after enduring tough trading conditions and problems drawing in shoppers after its name change.

A Fying Tiger deal would enable Modella to extend its international reach. Flying Tiger operates company-owned shops in 30 European markets and has franchises in Israel, the Philippines and Vietnam.