The investment firm which owns TG Jones is reportedly considering the latest exit from its string of retail acquisitions.
Modella Capital has been discussing a potential sale of Wynsors World of Shoes, a northern shoeseller which the firm acquired just three months ago, according to Sky News’ Mark Kleinman.
The private equity firm has repeatedly snapped up retail assets only to sell them or put them into administration a short time later.
Modella triggered administration procedures for Claire’s Accessories and The Original Factory Shop in January, putting more than 2,000 jobs at risk.
This move came less than a year after the equity firm acquired the two retailers.
Announcing the collapse of the two firms, a Modella spokesperson claimed “administration is the only option,” as neither company had a “realistic possibility” of turning a profit again.
Modella bought WH Smith’s high street arm last year but has recently called on advisors to consider a drastic restructuring which could put 80 stores on the chopping block.
The firm plans to rebrand each of the former WH Smith shops it owns to TG Jones, but stores under this new branding are reportedly faring far worse than those which still bear the iconic WH Smith livery.
Modella bought 480 WH Smith stores for £76m in March last year, in a deal which includes a clause effectively banning the equity firm from closing struggling shops within a year of the takeover.
Shoeseller could be Modella’s next exit
Wynsors World of Shoes trades from around 50 standalone shops in the North of England and employs more than 400 people.
The shoeseller had been considering a sale for months prior to its acquisition by Modella, Sky News reports.
Modella is also considering the sale of Hobbycraft, the UK’s largest arts and crafts retailer, which it bought just 18 months ago.
The firm also entered a partnership with toy retailer The Entertainer to supply its products in Hobbycraft and TG Jones.
Despite having made a big impact on the high street in recent years, Modella was only founded in 2022.
It was formed as Tailer Debtco before being renamed to Modella in 2023, and is owned by Hay Wain Group, the family office founded by turnaround specialist Jamie Constable.
Modella held £12.8m in net assets in 2024, according to its most recent balance sheet.
Modella Capital was contacted for comment.