Potential buyer for Claire's UK business identified as owner of WH Smith's high street chain
Modella Capital in Pole Position to Acquire Claire's UK Operations
In a significant development for the British retail industry, investment group Modella Capital has emerged as a frontrunner in the bid to purchase the UK operations of accessories chain Claire's.
According to reports, Modella has been in talks with the retailer's US parent firm, Ames Watson, over a potential deal. The purchased chain is set to be rebranded as TGJones.
Modella is understood to have drawn up the outline of a deal directly with Ames Watson. This move would further solidify Modella's position as a significant force in the British retail sector, following its acquisition of arts and crafts retailer Hobbycraft last year and its recent purchase of WH Smith's high street chain.
Claire's UK and Ireland business has been under administration since last month, following the company's bankruptcy filing in the US. The shops have remained open during the assessment process, with the future of the chain on British high streets being secured through talks with potential buyers, including Modella.
Interpath, the advisory firm handling Claire's UK and Ireland business, declined to comment on the reports. However, it is known that a deal between Modella and Claire's would still need to reach a separate agreement with Interpath to secure the future of the chain on British high streets.
It is important to note that there is no guarantee that a deal will be struck between Modella and Claire's. Sky News reported Modella as being in pole position to take over the UK chain of Claire's, but the final decision rests with Ames Watson.
Modella Capital has previously invested in retail chains including Paperchase and Tie Rack. If the deal goes through, TGJones will join these brands in Modella's portfolio, marking another step in the group's expansion in the British retail industry.
The news of Modella's potential acquisition of Claire's UK operations comes as a relief for the chain's customers and employees, who have been waiting anxiously for updates on the company's future. As the talks progress, it is hoped that a resolution will be reached soon to secure the future of Claire's on British high streets.
In the meantime, the Claire's shops in the UK and Ireland continue to operate as usual, offering their popular accessories to customers. The WH Smith's travel division, which includes shops in airports, train stations, and hospitals, was not part of the deal and will not change.
As the situation develops, updates on the potential acquisition of Claire's UK operations by Modella Capital will be closely watched by the retail industry and the public alike.
