It comes after financial advisers were reportedly appointed to explore options for the business, including a sale, earlier this year
Flying Tiger Copenhagen is on the brink of being taken over in a move that would impact around 900 stores globally.
Flying Tiger sells its own range of Scandi-style budget-friendly products, including everything from homeware, stationery and toys.
It has around 80 shops in the UK and is owned by Danske Bank and Nordea.
But a new report by The Times suggests the retailer is on the cusp of being brought by private equity fund Modella Capital. City sources told the newspaper that a deal could be announced imminently.
It comes after financial advisers were reportedly appointed to explore options for Flying Tiger, including a sale, earlier this year.
In its latest results, Flying Tiger reported a “record-breaking” 2024 performance with revenues of DKK 5.2 billion.
Modella, meanwhile, made headlines last year after it took control of the majority of WH Smith’s high street stores and converted them into the TG Jones brand.
WHSmith kept hold of its more profitable travel locations, so shops in airports and train stations and these continue to operate under the WHSmith brand.
In more retail news, administrators for Claire’s – previously owned by Modella – revealed it had shut all its 154 high street shops across the UK and Ireland.
Administrators for the fashion accessories chain said that around 1,300 workers will be made redundant as a result.
The move does not affect the retailer’s 356 concessions, including many in Asda stores, and its head office.
The retailer – which is known for its jewellery, clothing accessories and ear-piercing services – was founded in the US and first launched in the UK in 1996.
But in better news for shoppers, Russell & Bromley has returned to the UK high street after being rescued from administration earlier this year.
The luxury shoe chain was bought out of administration by Next, who paid £2.5million for its brand and intellectual property, and a further £1.3million for a portion of its current stock.
The deal only included three Russell & Bromley stores – in Chelsea, Mayfair and Bluewater in Kent – resulting in its remaining 33 branches being closed down.
However, Drapers reports that the Russell & Bromley store in Richmond has reopened under new ownership from Next.
Russell & Bromley was founded in 1880 by George Bromley and Elizabeth Russell in Eastbourne. It currently employs more than 450 people and is now run by Andrew Bromley.
